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The EUR/USD pair broke resistance, which turned into strong support at 1.1264. Right now, the pair is trading above this level. It is likely to trade in a higher range as long as it remains above the support (1.1264), which is expected to act as a minor support today.
Therefore, there is a possibility that the EUR/USD pair will move upwards and the structure does not look corrective. The trend is still below the 100 EMA for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.
From this point of view, the first resistance level is seen at 1.1305 followed by 1.1343 and 1.1383, while daily support 1 is seen at 1.1287 (last bearish wave).
According to the previous events, the EUR/USD pair is still moving between the levels of 1.1227 and 1.1383; so we expect a range of 156 pips.
Consequently, buy above the level of 1.1264 with the first target at 1.1305 so as to test the daily resistance 1 and further to 1.1343. Besides, the level of 1.1383 is a good place to take profit because it will form a double top.
On the contrary, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.1227, a further decline to 1.1181 can occur, which would indicate a bearish market. Overall, we still prefer the bullish scenario, which suggests that the pair will stay above the zone of 1.1181 today.
Forecast :
We expect the EUR/USD pair to continue moving in the bullish trend from the support level of 1.1227 towards the target level of 1.1305. If the pair succeeds in passing through the level of 1.1305, the market will indicate the bullish opportunity above the level of 1.1305 so as to reach the second target at 1.1349 - then 1.1383. At the same time, if the EUR/USD pair is able to break out the level of 1.1227, the market will decline further to 1.1181 (daily support 2).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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