Overview :
EUR/USD : Immediate support is seen around 1.0505. Besides, a clear break below that area could lead the price to the neutral zone in the nearest term testing 1.0471 in order to form a double bottom on the one-hour chart.
Moreover, any downside pullback from the price of 1.0572 now is normal, because on the whole we remain bearish at present.
Today, we expect the EUR/USD pair is keeping its bearish momentum bottomed at 1.0471. The bias remains bearish in the nearest term testing 1.0420.
Immediate resistance is seen around 1.0572. The daily pivot point also stands at 1.0572; for that the level of 1.0572 will act as a minor resistance in coming hours. If the trend is not able to break that area, it could lead the price to the bearish zone in the short run testing 1.0420.
The breakdown of 1.0471 will allow the pair to go further down to the levels of 1.0420 and 1.0373.
In small time frames the trend is still bearish as long as the level of 1.0572 is not broken. Thereupon, it would be wise to sell below the level of at 1.0572 with the primary target at 1.0471. Then, the EUR/USD pair will continue towards the second target at 1.0420 (a new target is around 1.0572).
However, stop loss has always been in consideration. Thus, it will be useful to set it above the pivot of 1.0572.
