Overview:
The EUR/USD pair's support had been broken and it was turned to resistance around the price of 1.2980 yesterday. Therefore, the pair has already formed a strong resistance at 1.2980. Moreover, after it could close above 1.3000 and the pair started signing for bullish market, it should also be note that the price has still been trapped between 61.8% Fibonacci Retracement levels and 23.6%. As well the RSI and the last strong support (around the double bottom (1.2796) on H1 chart) are still calling for uptrend at this level. So the market indicates a bullish opportunity on level of 1.2750 on H1 chart with the first target of 1.2850 and continues towards 1.2920 above the weekly pivot point. However, in case reversal takes place and the EUR/USD pair breaks through the support level of 1.2870 then the market will lead to futher decline to 1.2720.
Trading recommendations:
According to previous events, the price has still been trapped between 1.2940 and 1.2850.
- Buy above 1.2750 with target at 1.2855 then 1.2940.
- Below 1.2980 look for further downside with a target of 1.2890 then it will resume towards 1.2820.
