Overview :
The EUR/USD pair has faced strong support at the level of 1.2273 because resistance became support.
So, the strong resistance has been already faced at the level of 1.2273 and the pair is likely to try to approach it in order to test it again.
The level of 1.2185 represents a weekly pivot point for that it is acting as minor support this week.
However, if the EUR/USD pair fails to break through the resistance level of 1.2273 this week, the market will decline further to 1.2273. The pair is expected to drop lower towards at least 1.2185 with a view to test the weekly pivot point. Also, it should be noted that the weekly pivot point will act as minor support today.
Furthermore, the EUR/USD pair is continuing to trade in a bullish trend from the new support level of 1.2185 . Currently, the price is in a bullish channel.
According to the previous events, we expect the EUR/USD pair to move between 1.2185 and 1.2273.
Also, it should be noticed that the double top is set at 1.2273. Additionally, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100).
This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend.
Thus, the market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.
In other words, buy orders are recommended above 1.2185 with the first target at the level of 1.2240. If the trend is be able to break the double top at the level of 1.2240, then the market will continue rising towards the weekly resistance 2 at 1.2273.
On the other hand, the price area of 1.2273 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 1.2273 is not breached.
