Overview :
- The EUR/USD pair resistance was broken and it turned to support at the level of 1.3503, as well as the same level is coinciding with the ratio of 00% Fibonacci retracement levels in H4 chart. Therefore, the pair has already formed a strong support at the 1.3500 level. But it should be noticed that a minor support will be set at the level of 1.3636 around the 23.6% Fibonacci retracement levels in H4 chart too. Moreover, the price of the EUR/USD pair could close neither below 1.3500 nor 1.3475. Additionally, it should also be noted that the price has still been moving between the double bottom (1.3503) and 1.3578. Equally important, the RSI and the moving average (100) are still calling for the uptrend from the level of 1.35. For that, the market indicates a bullish opportunity at the level of 1.35 with the first target of 1.3550 and continues towards 1.3571 in order to try to test the weekly resistance 1. On the other hand, if the price closes below the minor support, then the best location for placing a stop loss should be below 1.3475. Thus, the price will call for a bearish market in order to go further towards 1.3413.
Notes :
- Support will set at the level of 1.3500.
- The minor resistance had already placed at the 1.3578 level today.
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