Overview:
- The EUR/USD pair reached a new minimum at the price of 1.1010. So, today the price may reach one more minimum around the spot of 1.11010, which coincides with the double bottom.
- Today, the EUR/USD pair is challenging the psychological resistance at 1.1051. So, the resistance is seen at the level of 1.4501 in the one-hour time frame.
- Additionally, the RSI is still calling for a strong bearish market as well as the current price is also below the moving average 100.
- The daily pivot point is set at the point of 1.1051. The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point.
- We expect the EUR/USD pair to continues moving in a downtrend below the level of 1.1051 towards the first target at 1.0980, while major resistance is found at 1.1077 (61.8% Fibonacci retracement levels). On the downside, a clear break at the level of 1.0980 could trigger further bearish pressure testing 1.0944, which represents the major support today.
Forecast:
- As a result, it is gainful to sell below this price of 1.1051 with targets at 1.0980 and 1.0944. However, the bullish trend is still expected for the upcoming days as long as the price is above 1.1077.
Daily Technical level:
- Major resistance: 1.1118
- Minor resistance: 1.1077
- Intraday pivot point: 1.1051
- Minor support: 1.0980
- Major support: 1.0944
