The EUR/USD pair is moving between 1.1691 and 1.1800, it reached 1.1800, which was the highest price for the pair on record since 24 September 2020.
The support levels set at 1.1684, 1.1706 and 1.1759. Moreover, in larger time frames the trend is still bullish as long as the level of 1.1691 is not violated.
This support has been rejected two times confirming the validity of an uptrend.
The RSI (14) sees a bullish way out of our ascending resistance-turned-support line signalling that we'll likely be seeing some bullish momentum from the zone of 1.1691 - 1.1700. Bullish outlook remains the same, as long as the 100 EMA is pointing to the upside.
A daily closure above 1.1759 allows the pair to make a quick bullish movement towards the next resistance level around 1.1819. However, traders should watch for any signs of bearish rejection that occur around 1.1759 - 1.1819.
The bias remains bullish in nearest term testing 1.1819 – 1.1868. Immediate resistance is seen around 1.1819.
We still expect the bullish trend for the upcoming sessions as long as the price is above 1.1691 and 1.1759 levels.
The depicted support level of 1.1759 acted as a prominent key level offering a valid buy entry.
Today, the EUR/USD pair continues to move upwards from the level of 1.1759. The first support level is currently seen at 1.1759, the price is moving in a bullish channel now.
Furthermore, the price has been set above the strong support at the level of 1.1691, which coincides with the 38.2% Fibonacci retracement level.
Therefore, the market is likely to show signs of a bullish trend around the spot of 1.1759. In other words, buy orders are recommended above the spot of 1.1759 with the first target at the level of 1.1819; and continue towards 1.1868.
However, if the EUR/USD pair fails to break through the resistance level of 1.1819 today, the market will decline further to 1.1691. But overall I still prefer a bearish scenario at this phase as long as the trend is still set above the level of 1.1691.
