A trend in the EUR/USD pair was argumentative as it was trading in a narrow sideways channel, the market showed signs of instability. Amid the previous events, the price is still moving between the levels of 1.0712 and 1.0613.
Resistance and support are seen at the levels of 1.0733 (also, the double top is already set at the point of 1.0733) and 1.0600 respectively.
Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel has completed.
The current price is seen at 1.0613 which represents a key level today.
The level of 1.0712 will act as the first resistance today.
Hence, if the pair fails to pass through the level of 1.0712, the market will indicate a bearish opportunity below the strong resistance level of 1.0773.
Sell deals are recommended below the level of 1.0712 with the first target at 1.0550. If the trend breaks the support level of 1.0550, the pair is likely to move downwards continuing the development of a bearish trend to the level 1.0500.
Forecast:
If the pair fails to pass through the level of 1.0712, the market will indicate a bearish opportunity below the first resistance level of 1.0712. In this regard, sell deals are recommended lower than the 1.0712 level with the first target at 1.0550. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.0500. However, stop loss has always been in consideration thus it will be useful to set it above the last double top at the level of 1.0733 (notice that the major resistance today has set at 1.0733).
