- The EUR/USD pair will keep its bullish sentiment starting from the levels of
1.1115 and 1.1153, which are coinciding with ratios of 50% Fibonacci
retracement level and 61.8% respectively. Equally important, the level of
1.1208 represents the daily pivot point. On the other hand, the resistances
will set at the levels of 1.1240 and 1.1277. A double top is formed at the
level of 1.1277 in the M15 and H1 charts. Accordingly, it will be a good sign
to buy above 1.1115/1.1155 with the first target at 1.1230 to test the minor
resistance. Then, if the price breaks this area, it will call for an uptrend in
order to continue its bullish movement towards 1.2860 (the weekly support 1).
Equally important, the resistance would set at the level of 1.1277. In
addition, it should be noted that the range of 87 pips is expected, but we think
that a larger range up to 480 pips can take place this week. However, the stop
loss should be placed below the golden ratio at the level of 1.1105, so the
stop loss should be set in 35 pips since the risk of 35 pips could make profit
of 52 pips.
The material has been provided by InstaForex Company – www.instaforex.com