Overview:
The EUR/USD's resistance was broken and it was turned to support this week, thus the pair has already formed a strong support at 1.3445 and a minor support will be set at the level of 1.3500. Moreover, it could not close below 161.8% Fibonacci levels and started indicating a bullish market, as well as the price placed above 161.8% Fibonacci for three days. Additionally, it should also be noted that the price has still been trapped between 161.8% Fibonacci levels and 261.8%. Equally important, the moving average (100) are still calling for uptrend. Therefore, the market indicates the bullish opportunity at the level of 1.35 at 5 H1 charts with the first target of 1.3545, and continues towards 1.3580 in order to test the weekly resistance 3. On the other hand, if the price closes below the minor support, then the best place for a stop loss should be below 1.3425, thus the price will call for a bearish market in order to go further towards the strong support at 1.3360 to test it again.
