Overview:
- The resistance of the EUR/USD pair was broken and it turned to support around the area of 0.6461 this week. Thus, the pair has already formed strong support at 0.6470. Besides, the weekly pivot point is going to be set at the same level today. But a minor support will be set at the level of 0.6494. Moreover, it could not close below 0.6494 (23.6% Fibonacci retracements levels) and started indicating a bullish market. Additionally, the price has been placed above 23.6% Fibonacci since yesterday. Furthermore, the price has been still trading between 50% Fibonacci retracement levels and 23.6%. Therefore, the market indicates a bullish opportunity at the level of 0.6494/0.6461 on the H1 chart with the first target at 0.6445 and continues towards 0.6467. On the other hand, if the price closes below the minor support, the best location for placing a stop loss should be below 0.6492. So, the price will fall into the bearish market in order to go further towards the strong support at 0.6429 to test it again.
