Overview :
The EUR/USD pair didn’t make any significant movements this week. The bias remains bullish in the nearest term testing 1.1386 or higher. Immediate support is seen around 1.1292. A clear break above the level of 1.1359 that area could lead price to the neutral zone in the nearest term.
The EUR/USD pair set above strong support at the level of 1.1308, which coincides with the 38.2% Fibonacci retracement level. This support has been rejected for four times confirming uptrend veracity. Hence, major support is seen at the level of 1.1308 because the trend is still showing strength above it.
Accordingly, the pair is still in the uptrend from the area of 1.1308. The EUR/USD pair is trading in a bullish trend from the last support line of 1.1308 towards the first resistance level at 1.1386 in order to test it. 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 1.1405 and further to the level of 1.1425. Amid the previous events, the price is still moving between the levels of 1.1308 and 1.1425.
The weekly resistance and support are seen at the levels of 1.1425 and 1.1308 respectively. We foresee for a range between 1.1425 and 1.1308, it does mean we will trade around 117 pips in coming hours. In consequence, it is recommended to be cautious while placing orders in this area. Thus, we should wait until the sideways channel has completed. The level of 1.1425 will act as second resistance and the double top is already set at the point of 1.1386.
However, if a breakout happens at the support levels of 1.1308 and 1.1300, then this scenario may be invalidated. But in overall, we still prefer the bullish scenario.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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