The EUR/USD pair continues to move upwards from the level of 1.0568. Today, the first support level is currently seen at 1.0568, the price is moving in a bullish channel now.
Furthermore, the price has been set above the strong support at the level of 1.6613, which coincides with the 50% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend.
According to the previous events, we expect the EUR/USD pair to trade between 1.0568 and 1.0691. So, the support stands at 1.0568, while daily resistance is found at 1.0691.
Today, the first support level is seen at 1.0568, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 1.0568, which coincides with the 50% Fibonacci retracement level.
This resistance has been rejected several times confirming the veracity of an uptrend. Additionally, the RSI starts signaling an upward trend.
Therefore, the market is likely to show signs of a bullish trend around the spot of 1.0568. In other words, buy orders are recommended above the spot of 1.0568 with the first target at the level of 1.0691; and continue towards 1.0787 (double top).
However, if the EUR/USD pair fails to break through the resistance level of 1.0691 today, the market will decline further to 1.0454.
