Overview:
- The EUR/USD pair fell from the level of 1.2091 to bottom at 1.1998 this morning. Today, the EUR/USD pair has faced strong support at the levels of 1.1988 and 1.1957. So, the strong support has been already faced at the levels of 1.1988 and 1.1957 and the pair is likely to try to approach it in order to test it again and form a double bottom. Hence, the EUR/USD pair is continuing to trade in a bullish trend from the new support area of 1.1988 and 1.1957; to form a bullish channel. According to the previous events, we expect the pair to move between 1.1960 and 1.2050. Also, it should be noted major resistance is seen at 1.2059, while immediate resistance is found at 1.2033. Then, we may anticipate potential testing of 1.2033 to take place soon. Moreover, if the pair succeeds in passing through the level of 1.2033, the market will indicate a bullish opportunity above the level of 1.2033. A breakout of that target will move the pair further upwards to 1.2059. Buy orders are recommended above the area of 1.1988 with the first target at the level of 1.2033; and continue towards 1.2059. On the other hand, the stop loss should be placed below the major support of 1.1957.
