EUR/USD has been trading upwards in past 2 days as a reaction to the selling climax in the background. Bullish movement is expected.
According to the daily time frame, we found that Keltner lower band (support) at 1.1177 was held successfully and that sellers didn't have power for the follow up, which is a strong sign that sellers became oversold so the buyers reacted. Stochastic is creating the bullish divergence, which may set the tone for the future. The key resistance level at the price of 1.1234 got broken and we expect further upward movement. The key resistance level is set at the price of 1.1315.
Trading recommendation: We are long EUR from 1.1248 and with target at 1.1315. Protective stop is placed at 1.1175.
The material has been provided by InstaForex Company - www.instaforex.com
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