Source: Forex Analysis
This week, the EUR/USD pair fell from the level of 1.1734 to bottom at 1.1543. It rebounded from the bottom to close at the price of 1.1642. The EUR/USD pair has faced strong support at the level of 1.1543. So, the strong support has been already faced at the level of 1.1543 and the pair is likely to try to approach it in order to test it again and form a double bottom. Hence, the EUR/USD pair is continuing to trade in a bullish trend from the new support level of 0.9660; to form a bullish channel. According to the previous events, we expect the pair to move between 1.1662 and 1.1543. Also, it should be noted that major resistance is seen at 1.1734, while immediate resistance is found at 1.1662. Then, we may anticipate potential testing of 1.1662 to take place soon. Moreover, if the pair succeeds in passing through the level of 1.1662, the market will indicate a bullish opportunity above the level of 1.1617. A breakout of that target will move the pair further upwards to 1.1662. Buy orders are recommended above the area of 1.1617 with the first target at the level of 1.1662 and continue towards 1.1698. On the other hand, if the EUR/USD pair fails to break out through the resistance level of 1.1662; the market will decline further to the level of 1.1489.
The material has been provided by InstaForex Company – www.instaforex.com