On one-hour chart, the EUR/USD pair is continuing in a bullish market from the supports of 1.1261 and 1.1284. Also, it should be noted that the current price is in a bullish channel.
Equally important, the RSI is still signaling that the trend is upward as it is still strong above the moving average (100) since yesterday.
Immediate support is seen at 1.2184 which coincides with a important ratio (50% of Fibonacci).
Consequently, the first support sets at the level of 1.2184. So, the market is likely to show signs of a bullish trend around the spot of 1.2184 - 1.1261.
In other words, buy orders are recommended above the golden ratio (1.2184) with the first target at the level of 1.1340.
Furthermore, if the trend is able to break through the first resistance of 1.1340. As a result, the pair will climb towards the double top (1.1383) to test it.
On the other hand, stop loss should always be in account, so, it must set the stop loss below the second support of 1.1232.
Forecast:As a result, it is gainful to buy above this price of 1.1261 with targets at 1.1340 and 1.1383. However, the bullish trend is still expected for the upcoming days as long as the price is above 1.1283. Stop loss should be placed below the zone of 1.1283.
