Overview:
- The EUR/USD pair is trading around the area of 1.1280 - 1.1233. Today, the level of 1.1223 represents a weekly pivot point at the H1 time frame. The pair has already formed minor resistance at 1.1308 and the strong resistance is seen at the level of 1.1388 because it represents the weekly resistance 1. So, major resistance is seen at 1.1388, while immediate support is found at 1.1223. If the pair closes below the weekly pivot point of 1.1223, the EUR/USD pair may resume it movement to 1.1103 to test the weekly support 1. From this point, we expect the EUR/USD pair to move between the levels of 1.1308 and 1.1103. Equally important, the RSI is still calling for a strong bearish market. As a result, sell below the weekly pivot point of 1.1223 with targets at 1.1103 and 1.1057 in order to form a double bottom. On the other hand, 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 1.1400 because the strong resistance has been already found at 1.1388.
Intraday technical levels:
- R3: 1.1673
- R2: 1.1508
- R1: 1.1388
- PP: 1.1223
- S1: 1.1103
- S2: 1.0938
- S3: 1.0818
