The EUR/USD pair faced resistance at the level of 1.2077, while minor resistance is seen at 1.1991. Support is found at the levels of 1.1904 and 1.1841. Pivot point has already been set at the level of 1.2077.
Equally important, the EUR/USD pair is still moving around the key level at 1.2077, which represents a daily pivot in the H1 time frame at the moment. Yesterday, the EUR/USD pair continued moving upwards from the level of 1.2077.
The pair rose to the top around 1.2077 from the level of 1.1904 (coincides with the last bearish wave at the same time frame).
Right now, the pair is trading above this level. It is likely to trade in a higher range as long as it remains above the support (1.1904), which is expected to act as a major support today.
Therefore, there is a possibility that the EUR/USD pair will move upwards and the structure does not look corrective.
The trend is still below the 100 EMA for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.
In consequence, the EUR/USD pair broke resistance, which turned into strong support at the level of 1.1904.
The level of 0.6695 is expected to act as the major support today. We expect the EUR/USD pair to continue moving in the bullish trend towards the target level of 1.2163.
On the downtrend:
If the pair fails to pass through the level of 1.1904, the market will indicate a bearish opportunity below the level of 1.1904. So, the market will decline further to 1.1840 and 1.1904 to return to the daily support.
Moreover, a breakout of that target will move the pair further downwards to 1.1840.
On the other hand, if a breakout happens at the support level of 1.1803, then this scenario may be invalidated.
