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The EUR/USD pair continues to move upwards from the level of 1.0571. Today, the first support level is currently seen at 1.0571, the price is moving in a bullish channel now.
Furthermore, the price has been set above the strong support at the level of 1.0571, which coincides with the 23.6% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend.
The Relative Strength Index (RSI) is considered overbought because it is above 60. The RSI is still signaling that the trend is upward as it is still strong above the moving average (100). This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend.
It should be noted that volatility is very high for that the EUR/USD pair is still moving between 1.0613 and 1.0571 in coming hours.
According to the previous events, we expect the EUR/USD pair to trade between 1.0571 and 1.0613. So, the support stands at 1.0571, while daily resistance is found at 1.0613.
Therefore, the market is likely to show signs of a bullish trend around the spot of 1.0571. In other words, buy orders are recommended above the spot of 1.0571 with the first target at the level of 1.0613; and continue towards 1.0632.
However, if the EUR/USD pair fails to break through the resistance level of 1.0571 today, the market will decline further to 1.0534.
Moreover, the price spot of 1.0571 remains a significant resistance zone. Therefore, there is a possibility that the EUR/USD pair will move downside and the structure of a fall does not look corrective. In order to indicate the bearish opportunity below 1.0571, sell below 1.0571 with the first target at 1.0534 in order to test yesterday's bottom.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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