Overview:
- The EUR/USD pair moved upwards from the level of 1.1217. Yesterday, the pair rose from the level of 1.1217 (this level represents a double bottom) to the top around 1.1238. Today, the first resistance level is seen at 1.1278 followed by 1.1339, while daily support 1 is seen at 1.1161. According to the previous events, the EUR/USD pair is still moving between the levels of 1.1220 and 1.1339; for that we expect a range of 129 pips. If the EUR/USD pair fails to break through the resistance level of 1.1278, the market will rise further to 1.1339. This would suggest a bullish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. The pair is expected to continue higher towards at least 1.1395 with a view to test the double top in the H1 time frame. On the contrary, if a breakout takes place at the support level of 1.1217 (the double bottom) and 1.1161, then this scenario may become invalidated.
Intraday technical levels:
- R3: 1.1517
- R2: 1.1456
- R1: 1.1339
- PP: 1.1278
- S1: 1.1161
- S2: 1.1100
- S3: 1.0983
