Overview :
Pair : EUR/USD. Pivot point : 1.1691.The trend of EUR/USD pair called for a bullish market from the price of 1.1691 to the weekly high at 1.1770. Whereupon, the pair fell from to top (1.1770) towards the lowest price (1.1721) yesterday, then closed at 1.1710.
Today, the key level is set at the price of 1.1691 which coincides with the ratio of 50% Fibonacci retracement levels on the H1 chart.
Price is testing our buying support level at 1.1691. We remain bullish above 1.1691 support (Fibonacci retracement 50%) for a push up to at least 1.1770 resistance. So, we remain bullish for a further rise from the area of 1.1691 - 1.1650.
Always, the psychological level sets at the ratio of 50% Fibonacci retracement. Therefore, it should notice that above this level will call for a bullish market. Otherwise, the market will call for a bearish market as long as it sets below it.
The EUR/USD pair can still form an ascending impulse, it continues to rise upwards in coming hours from the major support is seen at 1.1691.
According to the main scenario, it may start forming correctional structures. Today, we foresee the price to move towards the level of 1.1770 and then reach a new maximum again around the price of 1.1770.
Please, note that the strong resistance stands at the level of 1.1770. If the price breaks the level of 1.1770, we expect potential testing of 1.1819.
The bullish outlook remains the same as long as the RSI indicator is pointing to the upside at the same time frame.
The current ascending structure implies that the market may reach the level of 1.1819. In this zone, the trend is challenging a major resistance level. The ascending impulse is strong enough to buy above the support of 1.1691.
Therefore, the price is expected to reach a high once again. It is rather gainful to buy at 1.1691 with the targets at 1.1770 and 1.1819. Hence, it is recommended to place take profit at the price of 1.1819 as the second target today.
Alternative scenario :
The breakdown of 1.1650 will allow the pair to go further down to the levels of 1.1612 and 1.1573. Stop loss should be placed at the price of 1.1650 (below the major daily support).
Conclusion :
The depicted support level of 1.1691 acted as a important key level offering a valid buy entry. Consequently, buy above the 1.1691 level with the targets of 1.1770 and 1.1819. Conversely, the stop loss should be placed below the lowest reached near the second support (1.1650).
Trades ideas, tips and advices :
Take it easy, always the secret of success in simple. Do not try to complicate matters. Do not rely on luck. Do not be a gamble because Forex is not a game.Risk :
If your risk is higher, you will gain a large particular amount of money or to lose it. That it is why the risks should not be more than 1% - 7% of your deposit per all trades (deals) are recommended.