After finding bids reach to 1.0623, the EUR/USD pair price recovered above 1.0623 and 1.0596. Initial Bitcoin resistance lies near the 1.0596 level (38.2% of Fibonacci retracement levels).
A decent breakout and follow-up move above 1.0623 could open the gate for a push towards the 1.0687 level. The main resistance remains near the area of 1.0687 - 1.0737.
Also it should be noted that the EUR/USD pair and packets of pairs unite as the bulls gain their momentum. The market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.
The EUR/USD pair increased within an up channel. Closing above the pivot point (1.0596) could assure that the EUR/USD pair will move higher towards cooling new highs. The bulls must break through 1.0737 in order to resume the up trend.
Trading recommendations :
The trend is still bullish as long as the price of 1.0596 is not broken. Thereupon, it would be wise to buy above the price of at 1.0596 with the primary target at 1.0687. Then, the EUR/USD pair will continue towards the second target at 1.0737 (a new target is around 1.0800). Alternative scenario: The breakdown of 1.0596 will allow the pair to go further down to the prices of 1.0563 and 1.0509.
Uptrend scenario :
An uptrend will start as soon, as the market rises above resistance level 1.0596, which will be followed by moving up to resistance level 1.0687. Further close above the high end may cause a rally towards 1.0737 and 1.0800. Nonetheless, the weekly resistance level and zone should be considered.
Downtrend scenario :
On the downside, the 1.0563 level represents support. The next major support is located near the 1.0503, which the price may drift below towards the 1.0444 support region.
