The EUR/USD pair's outlook and further decline is expected with 1.0117 minor resistance intact. Current down trend should move from the last resistance levels of 1.0190, 1.0148 and 1.0117. Firm break there could prompt downside acceleration to last bearish wave of 0.9999. On the M15 chart, the EUR/USD pair suggests the corrective advance could continue, particularly if the pair surpasses the immediate resistance level at 1.0117. Technical indicators are recovering from extreme oversold readings, holding far below their midlines, a sign that there's a long way ahead before a substantial recovery takes place. Moving averages, in the meantime, maintain their bearish slope way above the current level. Furthermore, although the news is bearish for the Euro, professional may not want to sell weakness, but rather following a rebound rally. Additionally, some aggressive counter-trend buyers may be defending parity. On the upside, break of 1.0117 minor resistance will turn bias back to the upside for stronger rebound.
The EUR/USD pair will have been trading in a tight sideway range since yesterday for that the price has also set below the daily resistance 1 at the level of 1.0117, moreover the price has already formed double bottom at the 0.9999 level.
In particular, it should noticed that at the level of 0.9999 which represents the support, we can expect explosive breakout and it is likely that the market is going to start showing the signs of bearish market.
In other words, it will be a good sign to re-sell above double bottom at the level of 0.9999 with a first target at 0.9950 in order to test the next new support and it will drop towards 0.9900.
However, if the the price of the EUR/USD pair breaks 1.0148 and closes above it, the market will indicate a bullish opportunity above 1.0148 for temporary time.
Trading recommendations:
According to previous events, the EUR/USD pair is still moving between the level of 1.0117 and the 0.9999 level (these levels coincided with the fibonnacci retracement levels 61.8% and last bearish wave). It should be noted that the 1.0117 price will act as a minor resistance on July 13, 2022. Therefore, it will be too gainful to sell short below 1.0117 and look for further downside with 0.9999 and 0.9950 targets. It should also be reminded that stop loss must never exceed the maximum exposure amounts. Thus, stop loss should be placed at the 1.0148 level today.
