EUR/USD may rise 26 - 38 pips

Our pivot point is at 1.1049.

Our preference

The upside prevails as long as 1.1049 is support.

Alternative scenario

The downside breakout of 1.1049 would call for 1.1028 and 1.1015.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.1040 and 1.1024).

Supports and resistances

1.1134 **

1.1122 *

1.1109 **

1.1097

1.1071 last

1.1057

1.1049 **

1.1028 *

1.1015 **

Number of asterisks represents the strength of support and resistance levels.