The EUR/USD pair dropped sharply from the level of 1.1370 towards 1.1300. Now, the price is set at 1.1337. On the H1 chart, the resistance is seen at the levels of 1.1380 and 1.1403. Volatility is very low for that the EUR/USD pair is still expected to be moving between 1.1280 and 1.1403 in coming hours. In the short term, we expect the EUR/USD pair to continue to trade in a bullish trend from the new support level of 1.1280 to form a bullish channel. Also, it should be noted that major resistance is seen at 1.1403, while immediate resistance is found at 1.1380. According to the previous events, the pair is likely to move from 1.1280 towards 1.1380 and 1.1403 as targets. However, if the pair fails to pass through the level of 1.1403, the market will indicate a bearish opportunity below the level of 1.1403. So, the market will decline further to 1.1300 in order to return to the support (2). Moreover, a breakout of that target will move the pair further downwards to 1.1222 (last bearish wave).
