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Overview:
EUR/USD.
The bias remains bearish in nearest term testing 1.1211– 1.1168. Immediate resistance is seen around 1.1237.
The level of 1.1237 is represented the daily pivot point. The support levels will set at 1.1168 which coincided with the double bottom.
This support (1.1168) has been rejected two times confirming the veracity of an uptrend.
Now, price is set at the 1.1220 to act as a first support. It should be noted that the volatility is very high for that the price of the EUR/USD
pair is still moving between 1.1168 and 1.1280 in the coming hours.
Furthermore, the price has been set above the strong support at the levels of 1.1168 and 1.1211 which coincide with the 00% and 23.6% Fibonacci retracement levels respectively.
Additionally, currently the price is in a bearish channel. According to the previous events, the pair is still in a downtrend. From this point, the EUR/USD pair is continuing in a bullish trend from the new support of 1.1168 and 1.1211.
Thereupon, the price spot of 1.1168 and 1.1211 remains a significant support zone. Therefore, the possibility that the Euro will have a upside momentum is rather convincing and the structure of the raise does not look corrective. In order to indicate a bullish opportunity above 1.1168 and 1.1211, it will be a good signal to buy above 1.1168 or 1.1211 with the first target of 1.1259.
It is equally important that it will call for downtrend in order to continue bullish trend towards 1.1280 and 1.1309.
However, the stop loss should be located above the level of 1.1148.
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