Yesterday, the EUR/USD pair reached a new minimum at the price of 1.1130. So, today the price may reach one more minimum around the spot of 1.1130, which coincides with the double bottom.
Today, the EUR/USD pair is challenging the psychological resistance at 1.1212. Hence, the resistance is seen at the level of 1.1212 in the one-hour time frame.
We expect the EUR/USD pair to continues moving in a downtrend below the level of 1.1212 towards the first target at 1.1089, while major resistance is found at 1.1264 (38.2% Fibonacci Expansion).
On the downside, a clear break at the level of 1.1128 could trigger further bearish pressure testing 1.1089, which represents the major support today.
As a result, it is gainful to sell below this price of 1.1160 with targets at 1.1089 and 1.1054. However, the bullish trend is still expected for the upcoming days as long as the price is above 1.1264.
