Overview:
The EUR/USD pair broke resistance which turned to strong support at the level of 1.1167 last week. The level of 1.1167 is expected to act as major support today. At the same time, it is represented the daily pivot point.
Currently, the price is moving in a bullish channel in the H1 time frame.
So, we expect the EUR/USD pair to continue moving in a bullish trend from the support level of 1.1167.
This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Consequently, the first support is set at the level of 1.1167 (horizontal blue line).
Also, the price has been set above the strong support at the level of 1.1167, which coincides with the 50% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend at the same time frame.
Resulting from the market is likely to show signs of a bullish trend around the spot of 1.1167. In other words, buy orders are recommended above the spot of 1.1167 with the first target at the level of 1.1239.
Further close above the high end may cause a rally towards 1.1277. Nonetheless, the weekly resistance level and zone should be considered.
Following, the price is still above the moving average (100) and (50), Therefore, if the trend is able to break out through the second resistance level of 1.1277, we should see the pair climbing towards the daily resistance at 1.1310 to test it.
Otherwise, if a breakout takes place at the support level of 1.1129, then this scenario may become invalidated.
