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The EUR/USD pair broke resistance which turned to strong support at the level of 1.1261 yesterday. The level of 1.1379 coincides with a golden ratio (38.6% of Fibonacci) - resistance 1, which is expected to act as major resistance today.
If the trend is able to break out through the first resistance level at 1.1379, we should see the pair climbing towards the double top (1.1379) to test it. Therefore, buy above the level of 1.1261 with the first target at 1.1379 in order to test the daily resistance 2 and further to 1.1439. Also, it might be noted that the level of 1.1439 is a good place to take profit because it will form a new double top.
On the other hand, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.1261, a further decline to 1.1186 can occur which would indicate a bearish market.
Accordingly, the pair is still in the uptrend from the area of 1.1186 and 1.1261. The EUR/USD pair is trading in a bullish trend from the first resistance line of 1.1379 towards the first resistance (2) level at 1.1439 in order to test it.
Thus, the market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside. At the same time, if a breakout happens at the support levels of 1.1261 and 1.1186, then this scenario may be invalidated. But in overall, we still prefer the bullish scenario.
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