Relevance up to 16:00 2022-07-26 UTC–4
The trend of EUR/USD pair movement was controversial as it took place in a narrow sideways channel, the market showed signs of instability.
Amid the previous events, the price is still moving between the levels of 1.0151 and 1.0274.
The EUR/USD pair closed last week above the 1.0151 level, starting today with bullish bias in attempt to move away from this level, which encourages us to propose the bullish bias in the upcoming sessions, targeting visiting 1.0274 as a first positive station.
Also, the daily resistance and support are seen at the levels of 1.0274 and 1.0151 respectively.
Therefore, it is recommended to be cautious while placing orders in this area (1.0274 – 1.0151) – around 132 pips.
So, we need to wait until the sideways channel has completed.
Yesterday, the market moved from its bottom at 1.0151 and continued to rise towards the top of 1.0226.
Today, in the one-hour chart, the current rise will remain within a framework of correction.
However, if the pair fails to pass through the level of 1.0151, the market will indicate a bullish opportunity above the strong support level of 1.0151 (the level of 1.0151 coincides with the golden ratio of 61.8% Fibonacci retracement levels).
Since there is nothing new in this market, it is not bearish yet.
Buy deals are recommended above the level of 1.0151 with the first target at 1.0274.
If the trend breaks the resistance level of 1.0274, the pair is likely to move upwards continuing the development of a bullish trend to the level 1.0350 in order to test the daily resistance 2 (horizontal red line).
The bullish trend will be expected for today conditioned by the price stability above 1.0350, noting that surpassing the mentioned target will push the price to 1.0400 as a next correctional target.
The expected trading range for today is between 1.0151 support and 1.0274, 1.0350 and 1.0400 levels (resistances).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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