The EUR/USD pair knows clear saturation around the spot of 1.1622 for that it bounces from the bottom of 1.1622 to close at 1.1690.
The EUR/USD pair faced strong resistance at the level of 1.1716 which represents a pivot.
So, the strong resistance has already formed at the level of 1.1716 and the pair is likely to try to approach it in order to test it again.
Today, the first resistance level is seen at 1.1716 followed by 1.1792, while daily support 1 is found at 1.1622.
Right now, the RSI starts signaling an upward trend, as the trend is still showing strength above the moving average (100) and (50). Thus, the market is indicating a bullish opportunity above the levels of 1.1622 and 1.1690.
The EUR/USD pair is going to continue to rise from the level of 1.1690 in the long term. It should be noted that the support is established at the level of 1.1622.
Accordingly, the EUR/USD pair is showing signs of strength following a breakout of the highest level of 1.1716. Additionally, the price is in a bullish channel now.
This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 1.1690 with the first target at the level of 1.1716.
If the trend is be able to break the double top at the level of 1.1716, then the market will continue rising towards the weekly resistance 1 at 1.1792.
If the pair succeeds to pass through the level of 1.1792, the market will indicate for a strong bullish market in order to continue towards the double top (1.1860).
Also, it might be noted that the level of 1.1860 is a good place to take profit because it will form a double top.
It should be noted that volatility is very high for that the EUR/USD pair is still moving between 1.1622 and 1.1860 in coming hours.
On the other hand, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.1622, a further decline to 1.1496 can occur which would indicate a bearish market.
But the price of 1.1622 remains a significant support zone. Hence, the trend is still bullish as long as the level of 1.1622 is not breached.
