Overview:
- The EUR/USD pair opened below the weekly pivot point at the level of 1.1010. Also, it should be noted that today's highest level is set at 1.1055. So, minor resistance is seen at the spot of 1.1060 today. Also, you have to consider the level of 1.0970, which represents strong support on October 26, 2015. Consequently, we expect a range about 90 pips in coming hours. Therefore, the market will probably indicate a bearish opportunity below the level of 1.1060. Thus, according to the previous events, the price is going to move between the levels of 1.1060 and 1.0970. The area below 1.1060 looks good for moving further downside with the first target at the level of 1.0996 and continue towards 1.0970 in order to form a new double bottom in the H1 chart. However, stop loss should be placed above the weekly pivot point at 1.1133.
The weekly technical analysis of EUR/USD pair:
