What is the pivot level for EUR/USD intraday trading?

The pivot level for EUR/USD intraday trading is 1.0830.

What is the preferred trading strategy above the pivot level?

The preferred trading strategy is to take long positions above 1.0830 with targets at 1.0860 and 1.0885 in extension.

What is the alternative scenario if EUR/USD falls below the pivot level?

If EUR/USD falls below 1.0830, the alternative scenario is to look for further downside with targets at 1.0815 and 1.0805.

What are the key support and resistance levels for EUR/USD intraday?

The key support and resistance levels are 1.0900, 1.0885, 1.0860, 1.0850 (last), 1.0830, 1.0815, and 1.0805.

What should traders do if the EUR/USD reaches 1.0860?

If EUR/USD reaches 1.0860, traders should monitor for potential further upside towards 1.0885 or consider taking profits if that was their initial target.

How should traders prepare for the alternative scenario?

Traders should be prepared to look for downside targets at 1.0815 and 1.0805 if EUR/USD falls below the pivot level of 1.0830.

EUR/USD Intraday: Further Upside

Pivot: 1.0830

Our preference: Long positions above 1.0830 with targets at 1.0860 & 1.0885 in extension.

Alternative scenario: Below 1.0830, look for further downside with 1.0815 & 1.0805 as targets.

Comment: The RSI is bullish and calls for further upside.

Supports and resistances:

1.0900
1.0885
1.0860
1.0850 Last
1.0830
1.0815
1.0805

Detailed Analysis

Market Overview

The EUR/USD pair has shown a bullish trend, with the pivot level set at 1.0830. The RSI (Relative Strength Index) indicates further upward momentum, supporting our preference for long positions above this key level.

Trading Strategy

Our primary strategy involves taking long positions above 1.0830. This approach targets incremental gains at 1.0860 and further at 1.0885. These levels are determined based on recent market activity and technical analysis.

First Target – 1.0860: This level has shown resistance in the past, and reaching it would signify a healthy upward movement.
Second Target – 1.0885: This is a more ambitious target, indicating a stronger bullish trend.

Alternative Scenario

Should the price drop below the pivot level of 1.0830, we would anticipate further downside. Key levels to watch in this scenario are 1.0815 and 1.0805. These targets are based on previous support levels, and breaching them could signal a bearish trend.

First Target – 1.0815: This level has acted as a support in the past and could provide a temporary halt in a downward move.
Second Target – 1.0805: A break below this level would confirm a bearish trend and suggest further declines.

Technical Indicators

RSI: The RSI indicator is currently bullish, supporting our preference for long positions.
Support and Resistance Levels: Monitoring these levels is crucial for adjusting positions and setting stop-loss orders to manage risk effectively.

Conclusion

The EUR/USD pair is exhibiting signs of further upside, supported by bullish technical indicators. Traders should consider long positions above the pivot level of 1.0830, with targets at 1.0860 and 1.0885. However, be prepared for an alternative scenario where the price falls below 1.0830, targeting 1.0815 and 1.0805.

By closely monitoring market movements and adjusting strategies accordingly, traders can capitalize on the potential upside while mitigating risks associated with any downward corrections.

Supports and resistances recap:

1.0900: Major resistance
1.0885: Key target for long positions
1.0860: Initial target for long positions
1.0850 Last: Current price level
1.0830: Pivot point
1.0815: First downside target in alternative scenario
1.0805: Second downside target in alternative scenario