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Technical analysis of EUR/USD for July 04, 2016

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Overview:

  • The EUR/USD pair will continue rising from the level of 1.1092 in the short term. It should be noted that the support is established at the level of 1.1092, which represents the ratio of the 61.8% Fibonacci Expansion on the H1 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the EUR/USD pair is showing signs of strength following a breakout of the highest level of 1.1092. So, buy above the level of 1.1092 with the first target at 1.1169. It continues further towards the levels of 1.1215 in order to test the daily resistance 1. The level of 1.1215 is a good place to take profits today. Moreover, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests that the pair will probably go up in coming hours. If the trend is able to break the level of 1.1215, then the market will call for a strong bullish market towards the objective of 1.1291. On the other hand, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.1092, a further decline to 1.1000 can occur. It would indicate a bearish market.

Comment:

  • It is expected that the range will be traded between the 1.1000 and 1.1291 levels this week.
  • Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.

Technical levels:

  • R3: 1.1414
  • R2: 1.1291
  • R1: 1.1215
  • PP: 1.1092
  • S1: 1.1016
  • S2: 1.0893
  • S3: 1.0817


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