The EUR/USD pair is at an all-time low against the dollar around the spot of 1.0586 and 1.0600. The EUR/USD pair is inside in downward channel.
Closing below the major resistance (1.0720 - 38.2% of Fibonacci) could assure that EUR/USD will move lower towards cooling new lows.
The EUR/USD pair is continuing dropping by market cap at 5% in a day, 18.25% in a week, and 74.6% in a month, and is trading at 1.0669 after it reached 1.0586 earlier.
The EUR/USD pair has been set below the strong resistance 1.0720, which coincides with the 38.2% Fibonacci retracement level. This resistance has been rejected three times confirming the veracity of an downtrend.
RSI (14) sees major descending resistance line acting as resistance to push price down from here (1.0669).
The market is likely to show signs of a bearish trend around the spot of 1.0600 and/or 1.0586.
Sell orders are recommended below the area of 1.0600 with the first target at the price of 1.0540; and continue towards 1.0500 in order to test the last bearish wave.
The descending movement is likely to begin from the level 0.83 with 1.0586, 1.0540 and 1.0500 seen as targets.
On the other hand, if the EUR/USD fails to break through the support price of 1.0500 today, the market will rise further to 1.0761 in coming days.
