- Pair : EUR/USD.
- Trend : Sideways.
The EUR/USD pair movement was debatable as it took place in a narrow sideways channel for a while. The market showed signs of instability.
Amid the previous events, the price is still moving between the levels of 1.1892 and 1.1695.
The daily resistance and support are seen at the levels of 1.1892 and 1.1696 respectively.
In consequence, it is recommended to be cautious while placing orders in this area. Thus, we should wait until the sideways channel has completed.
On the H4 chart, the price spot of 1.1892 remains a significant resistance zone. Therefore, there is a possibility that the EUR/USD pair will move to the downside and the fall structure does not look corrective.
Resistance is seen at the level of 1.1892 today. So, sell below 1.1892 with the first target at 1.1770 as a first target today.
In overall, we still prefer the bearish scenario as long as the price is below the level of 1.1900. Furthermore, if the EUR/USD pair is able to break out the first target at 1.1770, the market will decline further to 1.1695 to test last week's bottom.
However, it would also be sage to consider where to place a stop loss; this should be set above the second resistance of 1.1942.
