The EUR/USD pair set above strong support at the level of 1.1869, which coincides with the 61.8% Fibonacci retracement level.
This support has rejected for two times confirming uptrend veracity. Hence, major support is seen at the level of 1.1869 because the trend is still showing strength above it.
Accordingly, the pair is still in the uptrend from the area of 1.1869 and 1.1900. The EUR/USD pair is trading in a bullish trend from the last support line of 1.1900 towards the first resistance level at 1.1966 in order to test it.
This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Now, the pair is likely to begin an ascending movement to the point of 1.1900 and further to the level of 1.1966.
The level of 1.1966 will act as the double top.
Furthermore, if the EUR/USD pair is able to break out the top at 1.1966, the market will climp further to 1.2000.
At the same time, if a breakout happens at the support levels of 1.1869 and 1.1839, then this scenario may be invalidated. But in overall, we still prefer the bullish scenario.
