Overview :
The EUR/USD pair can still form an ascending impulse, it continues to rise upwards. The major support is seen at 1.1804 which coincides with the ratio of 23.6% Fibonacci.
According to the main scenario, it may start forming correctional structures. Today, we foresee the price to move towards the level of 1.1836 and then reach a new maximum again around the price of 1.1860.
Please, note that the strong resistance stands at the level of 1.1860. If the price breaks the level of 1.1860, we expect potential testing of 1.1885.
The current ascending structure implies that the market may reach the level of 1.1919. In this area, the trend is challenging a major resistance level.
The ascending impulse is strong enough to buy above the support of 1.1804. Therefore, the price is expected to reach a high once again. It is rather gainful to buy at 1.1836 with the targets at 1.1885 and 1.1919.
So, it is recommended to place take profit at the price of 1.1919 as the second target today.
Further close above the high end may cause a rally towards 1.1966. Nonetheless, the weekly resistance level and zone should be considered.
Moreover, in larger time frames the trend is still bullish as long as the level of 1.1804 is not breached .
On the contrary, stop loss should be placed at the price of 1.1804 (below the daily support). The bullish outlook remains the same as long as the RSI indicator is pointing to the upside on the four-hour chart. The stop loss should be placed below the low reached near S2 (1.1754).
