The EUR/USD pair continues to move downwards from the level of 1.1250. Yesterday, the pair dropped from the level of 1.1250 (this level of 1.1250 coincides with the ratio of 50% Fibonacci retracement levels) to the bottom around 1.1106.
The trend has rebounded from the bottom of 1.1106 to close at the level of 1.1206.
Today, the first resistance level is seen at 1.1250 followed by 1.1285, 1.1331, while daily support 1 is found at 1.1174.
Also, the level of 1.1250 represents a weekly pivot point for that it is acting as major resistance/support this week.
Amid the previous events, the pair is still in a downtrend, because the EUR/USD pair is trading in a bearish trend from the new resistance line of 1.1174 towards the first support level at 1.1106 in order to test it.
If the pair succeeds to pass through the level of 1.1106, the market will indicate a bearish opportunity below the level of 1.1106 with the next objective at 1.1042.
However, if a breakout happens at the resistance level of 1.1331, then this scenario may be invalidated.
