- The EUR/USD pair continues to move downwards from the level of 1.2037.
- The pair fell from the level of 1.2037 to the bottom around 1.1836. But the pair has rebounded from the bottom of 1.1836 to close at 1.1916.
- Today, the first support level is seen at 1.1900, the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 1.2037, which coincides with the 50% Fibonacci retracement level.
- This resistance has been rejected several times confirming the veracity of a 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 1.1900, the market will decline further to 1.1836 in order to test the weekly support 2.
- Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 1.2037 with the first target at 1.1900 and further to 1.1836 .
- Thus, amid the previous events, the price is still moving between the levels of 1.2037 and 1.1836. If the EUR/USD pair fails to break through the support level of 1.1836, the market will decline further to 1.1803 as as the first target.
- On the contrary, if a breakout takes place at the resistance level of 1.2037, then this scenario may become invalidated.
