Overview:
Pivot point: 1.1162.
The EUR/USD pair was continuing to trade upwards from the level of 1.1162.
Yesterday, the pair rose from the level of 1.1162 (daily pivot point) to the top around 1.1223.
Today, the first resistance level is seen at 1.1265 followed by 1.1303, while daily support is seen at 1.1162. According to the previous events, the EUR/USD pair is still moving between the levels of 1.1162 and 1.1303.
Consequently, we expect a range of 141 pips in coming hours. This would suggest a bullish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs.
Subsequently, if the trend is able to break out through the first resistance level of 1.1265, we should see the pair climbing towards the new double top (1.1303) to test it.
On the contrary, if a breakout takes place at the support level of 1.1162, then this scenario may become invalidated. Remember to place a stop loss; it should be set below the second support of 1.1126.
The material has been provided by InstaForex Company - www.instaforex.com