Overview:
- The EUR/USD pair has faced strong support at the level of 1.0517 on the H4 chart. So, the strong support has already formed at the level of 1.0517 and the pair is likely to try to approach and test it again. However, if the pair fails to pass through the level of 1.0517, the market will indicate a bullish opportunity above the new strong support level of 1.0517 (level of 1.0517 coincides with the double bottom). Thus, the market is indicating a bullish opportunity above 1.0517 so it will be good to buy at 1.0517 with the first target of 1.0672. It will also call for an uptrend in order to continue towards 1.0720. The strong daily resistance is seen at 1.0768. However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 1.0475 because the RSI starts signaling a downward trend, as the trend is still showing strength below the moving average. On the whole, the trend is still bullish as long as the level of 1.0517 is not breached.
