Overview:
- On the one-hour chart, the EUR/USD pair continues moving in a bearish trend from the resistance level of 1.1149.
- Currently, the price is in a bearish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market.
- The bias remains bearish in the nearest term testing 1.1047 and 1.0965. Immediate resistance is seen around 1.1149 levels, which coincides with the weekly pivot.
- Moreover, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 1.1100. So it will be good to sell at 1.1100 with the first target of 1.1047.
- It will also call for a downtrend in order to continue towards 1.0965. The strong weekly support is seen at 1.0965.
- However, if a breakout happens at the resistance level of 1.1149, then this scenario may be invalidated.
Weekly technical levels:
- R3: 1.1415
- R2: 1.1333
- R1: 1.1231
- PP: 1.1149
- S1: 1.1047
- S2: 1.0965
- S3: 1.0863
