Overview :
The high price of EUR/USD reached 1.0604 on Monday and 1.0528 on Tuesday (but the trend is still below that MA (100) and MA (50)) before starting its run back to the upside.
The price in the EUR/USD pair yesterday, rose above the swing low 1.0511, and the May 2022 swing low at 1.0471. The price closed the day at 1.0530.
The EUR/USD pair buyers remain in firm control with the 100 week moving average as the key upside target at 1.0554 (pivot). Get above and the door opens for further upside momentum.
The pair has already formed minor support at 1.0511.The strong support is seen at the level of 1.0466 because it represents the weekly support 1.
Equally important, the RSI and the moving average (100) are still calling for an uptrend. Therefore, the market indicates a bullish opportunity at the level of 1.0511 in the H1 chart.
Also, if the trend is buoyant, then the currency pair strength will be defined as following: EUR is in an uptrend and USD is in a downtrend.
Buy above the minor support of 1.0511 with the first target at 1.0554 (pivot point), and continue towards 1.0637 (the weekly resistance 1 - this price is coinciding with the ratio of 100% Fibonacci - last bullish wave - top ).
Also, the level of 1.0554 represents a weekly pivot point for that it is acting as major resistance/support this week.
On the downside, a lower swing area between 1.0575 and 1.0466 along with the 00% retracement of the move up from the May 02 low at 1.0466 are the downside targets to get to and through. Last week, the price did crack below those levels, and then the swing high going back to May 02 at 1.0554. That sent the price tumbling lower to a low near 1.0500 before the rebound back to the upside.
On the other hand, if the price closes below the minor support, the best location for the stop loss order is seen below 1.0466; hence, the price will fall into the bearish market in order to go further towards the strong support at 1.0400 to test it again. Furthermore, the level of 1.0383 will form a new double bottom.
