The EUR/USD pair has faced strong support at the level of 1.0591 because resistance became support. So, the strong resistance has been already faced at the level of 1.0673 and the pair is likely to try to approach it in order to test it again.
The level of 1.0591 represents a weekly pivot point for that 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 1.0591.
Currently, the price is in a bullish channel. According to the previous events, we expect the EUR/USD pair to move between 1.0591 and 1.0673.
Also, it should be noticed that the double top is set at 1.0737. 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.
So, the market is likely to show signs of a bullish trend around the spot of 1.0591. In other words, buy orders are recommended above the spot of 1.0591 with the first target at the level of 1.0673; and continue towards 1.0737 (the weekly resistance 1).
This would suggest a bearish market because the moving average (100) is still in a positive area and does not show any trend-reversal signs at the moment.
On the other hand, if the GBP/USD pair fails to break through the resistance level of 1.0737 this week, the market will decline further to 1.0625. The pair is expected to drop lower towards at least 1.0591 with a view to test the weekly pivot point. Also, it should be noted that the weekly pivot point will act as minor support today.