Overview:
- The EUR/USD pair continues to move downwards from the level of 1.1063. The pair dropped from the level of 1.1063 to the bottom around 1.0980. But the pair has not rebounded from the price of 1.0980. Today, the first support level is seen at 1.0934, the price is moving in a bearish channel now. Furthermore, the price is set below the strong resistance at the level of 1.1063, which coincides with the 508% Fibonacci retracement level. This resistance has been rejected several times confirming the veracity of a downtrend. Since the trend is below the 50% Fibonacci level, the market is still in a downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the EUR/USD pair is able to break out the first support at 1.0934, the market will decline further to 1.0853 in order to test the weekly support 2. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 1.1000 with the first target at 1.0934 and further to 1.0853. However, stop loss is to be placed above the level of 1.1085.
