EUR/USD is expected to trade in higher range as bias remains bullish. The pair is off yesterday's high at 1.1219 but remains on the upside and above the key support at 1.1125. Currently, it is trading around the 20-period moving average, which stands above the 50-period one, showing no downward momentum. And the relatively strong index stays above the neutrality level at 50. Therefore the pair should return to the first upside target at 1.1220 before rising further to 1.1250.
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 1.1220 and the second one, at 114.50. In the alternative scenario, a short position is recommended with the first target at 112.85 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 112.35. The pivot point is at 113.15.
Resistance levels: 1.1220, 1.1250, 1.1290
Support levels: 1.1100, 1.1065, 1.1015