EUR/USD Technical Analysis & Daily Chart

General Analysis At the end of last week the EUR/USD currency pair broke through the resistance level at 1.07800. Over the last month this level was a significant barrier for the price growth. Meanwhile, the resistance 1.07800 was an upper boundary of the price channel 1.07800-1.05500.  After breaking through the level the price has fixed above the level and now it shows the so called back testing. According to the rules of technical analysis the possible price movement due to the penetration of the resistance line is measured by the channel's height. So we can see the dollar at 1.08500 in the near future. The Stochastic indicator shows us a clear Buy but the signal line is already included in the overbought zone. The Next Few Days We recommend opening long positions on the EUR/USD after the start of the upward movement from the support at 1.07800. The point of entry must be sought at hour and half-hour timeframes. You can open a buy position after the formation of a doji near the support or other reversal figures. We recommend setting up the S/L order at 1.07500.