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The EUR/USD pair had been trending down to 0.9600, the lowest level since 2002, but then rebounded strongly, especially around this vital support level.
The bears were not able to hold the next resistance level at 1.0100, and they lost ground to the bulls who drove the prices higher along the lower edge of the shown channel.
This resulted in reaching new bullish targets at 1.0250, 1.0500, and 1.0600.
The bulls controlled the price action around the key level of 1.0550-1.0600, leading to more bullish continuation towards 1.0800.
Moreover, there is an ongoing bullish movement towards the nearest resistance zone around 1.1150-1.1200 where price action should be watched for a possible SELL Entry if signs of bearish rejection are expressed.
On the other hand, any bearish pullback to the price levels of 1.1000 should be seen as an Intraday BUY Entry.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
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