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Having broken through the important short-term resistance level 1.1734 (ЕМА200 on the 1-hour chart) on Monday, the EUR / USD pair “made a request” to continue the corrective growth that began last Friday amid a weakening dollar.
If this corrective rally continues, the breakdown of another important short-term resistance level 1.1797 (ЕМА200 on 4-hour chart) will be a prerequisite for an advance towards resistance level 1.1830 (ЕМА50 and the upper line of the descending channel on the daily chart).
After its breakdown, we should expect further correctional growth towards the key resistance levels 1.1890 (ЕМА200 on the daily chart), 1.1910 (ЕМА144 on the daily chart). In turn, the breakdown of the long-term resistance level 1.2065 (ЕМА200 on the monthly chart) will return EUR / USD to the bull market zone, and the pair may rise to resistance levels 1.2180 (Fibonacci level 50% of the upward correction in the wave of the pair's decline from the level 1.3870, which began in May 2014, and 2018 highs), 1.2260, 1.2340, 1.2450, 1.2500, 1.2580 (61.8% Fibonacci level), 1.2600.
In the alternative scenario, and after the breakdown of the local support level 1.1710, EUR / USD will go deep into the descending channel on the daily chart and to the long-term support level 1.1620 (ЕМА200 on the weekly chart), the breakout of which will finally return the pair to the long-term bear market zone. The first signal for the implementation of this scenario will be a breakdown of the support level 1.1734.
Support levels: 1.1734, 1.1710, 1.1665, 1.1620
Resistance levels: 1.1780, 1.1797, 1.1830, 1.1890, 1.1910, 1.1950, 1.2065, 1.2180, 1.2260, 1.2340, 1.2450, 1.2580, 1.2600
Trading Recommendations
Sell Stop 1.1725. Stop-Loss 1.1770. Take-Profit 1.1710, 1.1665, 1.1620
Buy Stop 1.1770. Stop-Loss 1.1725. Take-Profit 1.1780, 1.1797, 1.1830, 1.1890, 1.1910, 1.1950, 1.2065, 1.2180, 1.2260, 1.2340, 1.2450, 1.2580, 1.2600
