The EUR/USD pair faced resistance at the level of 1.0616, while minor resistance is seen at 1.0518. Support is found at the levels of 1.0444 and 1.0360. Also, it should be noted that a daily pivot point has already set at the level of 1.0616. Equally important, the EUR/USD pair is still moving around the key level at 1.0444, which represents a daily pivot in the H4 time frame at the moment. the EUR/USD pair continues to move downwards from the areas of 1.0606 and 1.0518. Yesterday, the pair dropped from the level of 1.0518 to 0.6613, which coincides with a ratio of 50% Fibonacci on the H4 chart. Today, resistance is seen at the levels of 0.6747 and 1.0518. So, we expect the price to set below the strong resistance at the levels of 1.0606 and 1.0518; because the price is in a bearish channel now. Amid the previous events, the price is still moving between the levels of 1.0518 and 1.0360. In overall, we still prefer the bearish scenario as long as the price is below the level of 1.0518. Furthermore, if the EUR/USD pair is able to break out the bottom at 1.0444, the market will decline further to 1.0360 (daily support 2). Hence, the price will fall into a bearish trend in order to go further towards the strong support at 1.0244 to test it again. The level of 1.0244 will form a new double bottom. On the other hand, if the price closes above the strong resistance of 1.0616, the best location for a stop loss order is seen above 1.0616.
