Overview:
- The EUR/USD pair continues moving in a bearish trend from the resistance level of 1.1071. Currently, the price is in a bearish channel in the H1 time frame. This is confirmed by the RSI indicator signaling that we are still in a bearish trending market. As the price is still below the moving average (100), immediate support is seen at 1.1044, which coincides with the ratio 23.6% of Fibonacci retracement. Consequently, the first support is set at the level of 1.1023. So, the market is likely to show signs of a bearish trend around the spot of 1.1044 - 1.1023. In other words, sell orders are recommended below the level of 1.1044 with the first target at the level of 1.1023. Furthermore, if the trend is able to break out through the first support level of 1.1023. We should see the pair falls towards the double bottom (1.1001) to test it. It would also be wise to consider where to place stop loss; this should be set above the first resistance of 1.1093. Also, it should be noted that the pivot point is seen at the price of 1.1071 (horizontal blue line) today.
