FX.co ★ Technical analysis of EUR/USD for July 13, 2023

The EUR/USD pair broke resistance which turned to strong support at the level of 1.1141 yesterday. The level of 1.1141 coincides with 61.8% of Fibonacci, which is expected to act as major support today. Since the trend is above the 61.8% Fibonacci level, the market is still in an uptrend. From this point, the EUR/USD pair is continuing in a bullish trend from the new support of 1.1141.

The RSI starts signaling an upward trend, as the trend is still showing strength above the moving average (100) and (50). Thus, the market is indicating a bullish opportunity below 1.1141. Currently, the price is in a bullish channel. According to the previous events, we expect the EUR/USD pair to move between 1.1141 and 1.1300.

On the H1 chart, resistance is seen at the levels of 1.1250 and 1.1300. Also, it should be noticed that, the level of 1.1141 represents the daily pivot point. Therefore, strong support will be formed at the level of 1.1141 providing a clear signal to buy with the targets seen at 1.1250.

If the trend breaks the support at 1.1241 (first resistance) the pair will move upwards continuing the development of the bullish trend to the level 1.1300 in order to test the daily resistance 2. However, stop loss is to be placed below the level of 1.1141.