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Overview :
The EUR/USD pair continues to move upwards from the level of 1.0489. Today, the first support level is currently seen at 1.0489, the price is moving in a bullish channel now.
Furthermore, the price has been set above the strong support at the level of 1.0548, which coincides with the 23.6% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend.
According to the previous events, we expect the EUR/USD pair to trade between 1.0500 and 1.0680. It should be noted that volatility is very high for that the EUR/USD pair is still moving between 1.0500 and 1.0680 in coming hours.
This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Now, the pair is likely to begin an ascending movement to the point of 1.0500 and further to the level of 1.0680.
So, the support stands at 1.0548, while daily resistance is found at 1.0680. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.0548.
In other words, buy orders are recommended above the spot of 1.0548 with the first target at the level of 1.0610; and continue towards 1.0680.
However, if the EUR/USD pair fails to break through the resistance level of 1.0530 today, the market will decline further to 1.0490.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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