Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.
Overview:
- The EUR/USD pair faced strong support at the level of 1.1693 because the resistance turned into support last week. So, the strong resistance has been already faced at the level of 1.1693 and the pair is likely to try to approach it in order to test it again. The level of 1.1693 represents a weekly support 1 as it is acting as minor support this week. Furthermore, the EUR/USD pair is continuing to trade in a bullish trend from the new support level of 1.1693. Currently, the price is in a bullish channel. According to the previous events, we expect the pair to move between the levels of 1.1801 and 1.1693. Also, it should be noticed that the double top is set at 1.1901. Additionally, the RSI is still signaling that the trend is upward as it remains strong above the moving average 100. This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend. Therefore, buy orders are recommended above 1.1722/1.1801 with the first target at the level of 1.1801. If the trend breaks the weekly pivot at the level of 1.1801, then the market will continue rising towards the weekly resistance 1 at 1.1880. However, the stop loss should be placed below the level of 1.1614 (weekly support 2).
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
Stay 
