FX.co ★ Technical analysis of EUR/USD for September 26, 2016

Overview:

• The EUR/USD pair continues to move upwards from the level of 1.1156. Last week, the pair rose from the level of 1.1156 to the top around 1.1243. Today, the first support level is seen at 1.1274 followed by 1.1334, while daily support 1 is seen at 1.1156. According to the previous events, the EUR/USD pair is still moving between the levels of 1.1156 and 1.1334. The level of 1.1156 coincides with 50% of Fibonacci, which is expected to act as a major support today. Since the trend is above the 50% Fibonacci level, the market is still in an uptrend. From this point, the EUR/USD pair is continuing in a bullish trend from the new support of 1.1156. Currently, the price is in a bullish channel. If the EUR/USD pair fails to break through the resistance level of 1.1334, the market will climb further to 1.1363 in order to test the double top. On the contrary, if a breakout takes place at the support level of 1.1107, then this scenario may become invalidated.