Given the strong daily uptrend and the continued bearish US dollar sentiment seen across the FX markets today, EURUSD currency pair can be expected to rise to the next round resistance level 1.2000.
- EURUSD reversed from strong support level 1.1785
- Likely to rise to resistance level 1.2000
EURUSD currency pair recently reversed up from the support area located between the strong support level 1.1785 (which has been steadily reversing the price from July, as can be seen from the daily EURUSD chart below), 20-day moving average and the 61.8% Fibonacci correction of the upward price impulse from the middle of January. The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Bullish Engulfing – which follows the earlier reversal pattern Piercing Line.
Given the strong daily uptrend and the continued bearish US dollar sentiment seen across the FX markets today, EURUSD currency pair can be expected to rise to the next round resistance level 1.2000.
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