Overview:
- The EUR/USD pair is trading around the area of 1.1110 today. In the H1 time frame, the level of 1.1062 represents a weekly pivot point. Hence, the pair has already formed minor support at 1.1062 and the strong support is seen at the level of 1.09000 because it represents the weekly support 1. From this point, major resistance is seen at 1.1302, while immediate support is found at 1.1062. If the pair closes below the weekly pivot point of 1.1062, the EUR/USD pair may resume it movement to 1.0906 to test the weekly support 1. We expect the EUR/USD pair to move between the levels of 1.1110 and 1.0906 this week. Equally important, the RSI is still calling for a strong bearish market as well as the current price is also below the double top. As a result, sell below the weekly pivot point of 1.1062 with targets at 1.0970 and 1.0906 in order to test the weekly support 1. Nevertheless, stop loss should always be taken into account, accordingly, it will be of beneficial to set the stop loss above the last bullish wave at the level of 1.1315.
Intraday technical levels:
- R3: 1.1698
- R2: 1.1458
- R1: 1.1302
- PP: 1.1062
- S1: 1.0906
- S2: 1.0666
- S3: 1.0510
