Overview:
The EUR/USD's resistance (1.3160) has broken and it turned to support yesterday, therefore the pair has already formed a strong support at 1.3160. Moreover, after it couldn't close below 38.2% Fibonacci retracements levels and start signing for bullish market, and the price has placed above 50% Fibonacci. It should also be note that the price has still been trapped between 50% Fibonacci retracement levels and 78%. As well, the RSI and the Moving Average (100) are still calling for uptrend. Hence, the market indicates a bullish opportunity at level of 1.3160 in daily H1 with the first target of 1.3307 and continues towards 1.3365. However, if the price closes below the support, then the best location for placing a stop loss should be below 1.3120.
Trading recommendations:
According to previous events, the price has still been trapped between 1.3260 and 1.3220.
Above 1.3160, look for further upnside with 1.3300 and 1.3360 targets. Stop loss should be placed at 1.3120.