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The EUR/USD pair broke resistance which turned to strong support at the level of 1.0420 this morning. The level of 1.0420 coincides with 23.6% of Fibonacci, which is expected to act as major support today.
Since the trend is above the 23.6% Fibonacci level, it means the market is still in a uptrend. From this point, the EUR/USD pair is continuing in a bullish trend from the new support of 1.0420.
This is shown to us as the current price is in a bullish channel. According to the previous events, we expect that the EUR/USD pair will move between 1.0420 and 1.0518.
On the H1 chart, resistances are seen at the levels of 1.0518 and 1.0559.
Also, it should ne noticed that, the level of 1.0488 is representing the daily pivot point. Therefore, strong support will be formed at the level of 1.0420 providing a clear signal for buy deals with the targets seen at 1.0518.
If the trend breaks the support at 1.0518 (first resistance). Thereupon, it is possible that the pair will move upwards continuing the development of the bullish trend to the level 1.0559 in order to test the daily resistance 2.
However, stop-loss is to be placed below the price of 1.0360 (last bearish wave - bottom price 1.0360).
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