Overview:
The EUR/USD pair dropped from the level of 1.1020 to the bottom around 1.0767. But the pair has rebounded from the bottom of 1.0767 to close at 1.0825.
Today, the first support level is seen at 1.0922, and the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 1.0922, which coincides with the 61.8% Fibonacci retracement level.
This resistance has been rejected several times confirming the downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the EUR/USD pair is able to break out the first support at 1.0800, the market will decline further to 1.0735 in order to test the double bottom again.
In the H1 time frame, the pair will probably go down because the downtrend is still strong. Consequently, the market is likely to show signs of a bearish trend.
So, it will be good to sell below the level of 1.0922 with the first target at 1.0800 and further to 1.0735. Next coming objective will be set around the spot of 1.0650-1.0635.
On the contrary, if a breakout takes place at the resistance level of 1.0922, then this scenario may become invalidated. Remember to place a stop loss; it should be set above the second resistance of 1.1020..
