The EUR/USD pair has been moving upwards since the 5th of January 2016, with the bulls leading the price from as low as 1.0721 to as high as 1.0830.
During the course of the session on Wednesday, the major initially fell, but found enough support to turn things around and form a hammer, which is a bullish formation. Today, the pair moved even higher, reaching the session high of 1.0830, to fall down to 1.0792 at the time of writing. In the event that the buyers resume their upward activity and the price breaks above the high of 1.0830, the pair could reach 1.0852 and 1.0885 in extension.
On the flip side, in the scenario where the sellers keep exerting strong pressures and the price breaks below 1.0771, the pair could go down to 1.0756 and 1.0712 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.