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The EURUSD pair continued to move upwards from the level of 1.1273.
Last week, the pair has risen from the level of 1.1273 (the level of 0.9887 coincides with the ratio of 23.6% Fibonacci Expansion) to the top around 1.1321.
In consequence, the EURUSD pair broke resistance at 1.1292, which turned into strong support at the level of 1.1292.
In the H1 time frame, the level of 1.1292 is expected to act as major support today. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish market.
The price is still above the moving average (100). From this point, we expect the EURUSD pair to continue moving in the bullish trend from the support level of 1.1292 towards the target level of 1.1371 in order to test the double top.
If the pair succeeds in passing through the level of 1.1371, the market will indicate the bullish opportunity above the level of 1.1371 so as to reach the second target at 1.1392.
At the same time, if the EUR/USD pair is able to break out the level of 1.1273, the market will decline further to 1.1243 (daily support 2).
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