Technical analysis of EUR/USD for July 24, 2017

Overview:

• The EUR/USD pair broke resistance which turned to strong support at the level of 1.1562 last week. The level of 1.1562 coincides with 78.6% of Fibonacci, which is expected to act as major support today. Since the trend is above the 78.6% Fibonacci level, the market is still in an uptrend. From this point, the EUR/USD pair is continuing in a bullish trend from the new support of 1.1562. Currently, the price is in a bullish channel. According to the previous events, we expect the EUR/USD pair to move between 1.1562 and 1.1766 in the coming day. On the H4 chart, resistance is seen at the levels of 1.1766 and 1.1833. Also, it should be noticed that the level of 1.1616 represents the daily pivot point. Therefore, strong support will be formed at the level of 1.1616 providing a clear signal to buy with the targets seen at 1.1766. If the trend breaks the support at 1.1766 (first resistance) the pair will move upwards continuing the development of the bullish trend to the level 1.1833 in order to test the daily resistance 2. However, stop loss is to be placed below the level of 1.1562.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of EUR/USD for July 24, 2017