Overview:
- The EUR/USD pair will continue to rise from the level of 1.0792 in the long term. It should be noted that the support is established at the level of 1.0792 which represents the 78.6% Fibonacci retracement level on the H4 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the EUR/USD pair is showing signs of strength following a breakout of the highest levels of 1.0792 and 1.0828. So, buy above the level of 1.0828 with the first target at 1.0873 in order to test the daily resistance 1 and further to 1.0925. Also, it might be noted that the level of 1.0950 is a good place to take profit because it will form a double top around the spot of 1.0950. On the other hand, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.0792, a further decline to 1.0728 can occur which would indicate a bearish market.
Daily key levels:
- Major resistance:1.0950
- Minor resistance:1.0873 | 1.0825
- Intraday pivot point:1.0828
- Minor support:1.0792
- Major support:1.0728 | 1.0683
