Overview:
The EUR/USD pair faced resistance at the level of 1.1670, while minor resistance is seen at 1.1627.
Support is found at the levels of 1.1529 and 1.1469. Pivot point has already been set at the level of 1.1571.
Equally important, the EUR/USD pair is still moving around the key level at 1.1571, which represents a daily pivot in the H1 time frame at the moment.
Yesterday, the EUR/USD pair continued moving upwards from the level of 1.1529. The pair rose to the top around 1.1627 from the level of 1.1529 (coincides with the ratio of 61.8% Fibonacci retracement).
In consequence, the EUR/USD pair broke resistance, which turned into strong support at the level of 1.1529. The level of 1.1529 is expected to act as the major support today.
We expect the EUR/USD pair to continue moving in the bullish trend towards the target levels of 1.1627 and 1.1670.
On the downtrend: If the pair fails to pass through the level of 1.1670, the market will indicate a bearish opportunity below the level of 1.1670.
So, the market will decline further to 1.1571 and 1.1529 to return to the daily support. Moreover, a breakout of that target will move the pair further downwards to 1.1469 in order to form the double bottom.
