The EUR/USD pair increased to a high of 1.02677, according to the four-hour chart. This was a significant level because the pair had trouble moving past it several times in July. It is getting close to the pivot points’ first resistance level at 1.02900.
The 25-day and 50-day moving averages have been surpassed. An inverted head and shoulders pattern has developed between the two. Bulls will therefore likely target R2, at 1.03529, as the key resistance level to watch as the pair continues to rise. In addition, the RSI shows there are more buyers in the market when it moves above the 50 line.
Regarding all above analysis a pullback to the support zone at 1.02900 presents an opportunity to play the bounce to the resistance target at 1.03529.

• There is resistance 1.02809, followed by resistance at 1.02900 and 1.03529.
• There is support at 1.02386. Below, there is 0.01750 and 0.01581.

Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.

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