Pivot: 1.1854
The chart of the EUR/USD pair provides information about the last trading in the H1. The Euro currency experienced a downward trend, while the US Dollar showed uptrend throughout the period of trading (yesterday).
Both currencies' rates had some fluctuations. Although US Dollar seemed strong this week. Overall, The EUR/USD pair is currently representing a bearish channel.
The EUR/USD pair faced strong resistances at the levels of 1.1854 because support had become resistance on September 08, 2020. So, the strong resistance had been already forming at the level of 1.1854 and the pair is likely to try to approach it in order to test it again.
However, if the pair fails to pass through the level of 1.0075, the market will indicate a bearish opportunity below the new strong resistance level of 1.0075 (the level of 1.0075 coincides with a ratio of 38.2% Fibonacci).
Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength above the moving average (100) and (50). Thus, the market is indicating a bearish opportunity below 1.0075.
As result, it will be good to sell at 1.0075 with the first target of 1.1757 in order to hit the double bottom. It will also call for a downtrend in order to continue towards 1.1700 (S1). The daily strong support is seen at 1.1647 (S2).
Notwithstanding, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 1.1914 (R1).
