The EUR/USD pair was trading around the area of 1.1200 a week ago. Today, the level of 1.1106 represents a daily support in the H1 time frame.
The pair has already formed the minor resistance at 1.1285 and the strong resistance is seen at the level of 1.1331 as it represents the weekly resistance 1.
So, the major resistance is seen at 1.0022, while immediate support is found at 0.9887.
If the pair closes below the weekly pivot point of 1.1250, the EUR/USD pair may resume its movement to 1.1106 to test the weekly support 1.
From this point, we expect the EUR/USD pair to move between the levels of 1.1331 and 1.1106. Equally important, the RSI is still calling for a strong bearish market and the current price is below the moving average 100.
As a result, sell below the level of 1.1250 with targets at 1.1106 in order to form a double bottom.
However, stop loss should alwayas be taken into account; accordingly, it will be beneficial to set the stop loss above the last bullish wave at the level of 1.1394.
