Overview:

• According to the previous events, the EUR/USD pair has been still moving between the prices of 1.1386 and 1.1285. So, the support has been already placed at the 1.1285 level. Thus, if the trend does not fail to close below the level of 1.1285, It will call for an uptrend in order to continue its bullish movement towards 1.1386 and test this strong resistance (the price of 1.1386 will form the weekly resistance 1). At the same time, the price of 1.1386 coincides with the ratio of 61.8% Fibonacci retracement levels. On the other hand, sell below the level of 1.1386, which represents the weekly resistance 1 with the first target at the 1.1290 price. Moreover, if the trend can break this support at 1.1290, then the EUR/USD pair will continue dropping towards the second target at 1.1184.

Trading recommendations:

• According to previous events, the price of EUR/USD is going to move between 1.1285 and 1.1386.
• Buy above the level of 1.1285 with the first target of 1.1335, it might resume to 1.1386.
• Below the level of 1.1386, look for further downside with 1.1290 and 1.1184 targets.

The material has been provided by InstaForex Company – www.instaforex.com