After finding bids reach to 1.0613, the EUR/USD pair price recovered above 1.0691 and 1.0613. Initial the EUR/USD pair resistance lies near the 1.0773 level (38.2% of Fibonacci retracement levels). A decent breakout and follow-up move above 1.0691 or/and 1.0613 could open the gate for a push towards the 1.0747 level. The main support remains near the area of 1.0691 and 1.0613. 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 (1.0613) could assure that the EUR/USD pair will move higher towards cooling new highs. The bulls must break through 1.0730 in order to resume the up trend. Trading recommendations : The trend is still bullish as long as the price of 1.0613 is not broken. Thereupon, it would be wise to buy above the price of at 1.0613 with the primary target at 1.0747. Then, the EUR/USD pair will continue towards the second target at 1.0771 (a new target is around 1.0804).
It is necessary to wait till the downtrend channel is passed through. Then the market will probably show the signs of a bearish market. It should be noted that the volatility is very high for that the price of the EUR/USD pair is still trading between the prices of 1.0669 and 1.0808 in the coming hours. Furthermore, the price has been set below the strong resistance at the levels of 1.0808 and 1.0851 which coincide with the 38.2% and 50% Fibonacci retracement levels respectively. Thus, the market is indicating a bearish opportunity below 1.0808 so it will be good to sell at 1.0808 with the first target of 1.0669. It will also call for a downtrend in order to continue towards 1.0630. The daily strong support is seen at 1.0600. However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 1.0851. Moving averages, in the meantime, maintain their bearish slope way above the current level.
Furthermore, although the news is bearish for the EUR/USD pair, professional may not want to sell weakness, but rather following a rebound rally. Additionally, some aggressive counter-trend buyers may be defending parity. In case a continuousion takes place and the EUR/USD pair breaks through the support level of 1.0613, a further decline to 1.0550 can occur which would indicate a bearish market.
