In case of resumption of growth and after the breakdown of the local resistance level 1.2260, EUR / USD will head towards the upper border of the ascending channel on the weekly chart and the level of 1.2450.
More distant growth targets are located at resistance levels 1.2500, 1.2580 (Fibonacci level 61.8% of the upward correction in the wave of the pair's decline from 1.3870, which began in May 2014, and the highs of 2018), 1.2600.
In an alternative scenario, the decline will resume towards the key support levels 1.1990, 1.1920, and the breakdown of the support level will increase the risks of resuming the long-term bearish trend in EUR / USD.
The first signal for the implementation of this scenario will be a breakdown of the support level 1.2201(see also "Fundamental Analysis and Recommendations")
Support levels: 1.2201, 1.2180, 1.2118, 1.2090, 1.2070, 1.2000, 1.1990, 1.1920, 1.1780, 1.1710, 1.1600
Resistance levels: 1.2260, 1.2300, 1.2340, 1.2450, 1.2580, 1.2600
Trading Recommendations
Sell Stop 1.2190. Stop-Loss 1.2245. Take-Profit 1.2180, 1.2118, 1.2090, 1.2070, 1.2000, 1.1990, 1.1920, 1.1780, 1.1710, 1.1600
Buy Stop 1.2245. Stop-Loss 1.2190. Take-Profit 1.2260, 1.2300, 1.2340, 1.2450, 1.2580, 1.2600
*) EUR/USD: Current Fundamental Analysis and Market Expectations
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