Overview:
- The EUR/USD pair opened above the weekly pivot point (1.0619). It continues to move upwards from the level of 1.0619 to the top around 1.0650. Today, the first resistance level is seen at 1.0670 followed by 1.0727, while daily support 1 lies at 1.0562. Furthermore, the moving average (100) starts signaling an upward trend; therefore, the market is indicating a bullish opportunity above 1.0619. So it will be good to buy at 1.0619 with the first target at 1.0670. It will also call for an uptrend in order to continue towards 1.0727. The strong daily support is seen at the level of 1.0562 which represents the double bottom (1.0569) on the H1 chart. According to the previous events, we expect the EUR/USD pair to trade between 1.0569 and 1.0670 in coming hours. The price area of 1.0670 remains a significant resistance zone. Thus, the trend will remain bullish as long as the level of 1.0619 is not broken. On the contrary, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.0562, then a stop loss should be placed at 1.0522
