The EUR/USD pair continues to move upwards from the level of 1.1371. Yesterday, the pair rose from the level of 1.1324 to a top around 1.1420. Today, the first resistance level is seen at 1.1441 followed by 1.1484, while daily support 1 is seen at 1.1324 (61.8.% Fibonacci retracement). According to the previous events, the EUR/USD pair is still moving between the levels of 1.1371 and 1.1441; so we expect a range of 70 pips at least.
Furthermore, if the trend is able to break out through the first resistance level at 1.1441, we should see the pair climbing towards the level of 1.1484 to test it.
Therefore, buy above the level of 1.1371 with the first target at 1.1441 in order to test the daily resistance 1 and further to 1.1484. Also, it might be noted that the level of 1.1484 is a good place to take profit because it will form a new double top. On the other hand, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.1371, a further decline to 1.1324 can occur which would indicate a bearish market.
The material has been provided by InstaForex Company – www.instaforex.com