Overview:
- The EUR/USD pair probably will keep the bearish sentiment from the level of 1.0909. In addition, it should be noted that the level of 1.0909 represents the weekly pivot point. Accordingly, it will be a good choice to sell below it at 1.0909 with the first target at 1.0802 to test a double bottom in this area. Then, if the price breaks the double bottom, it will call for a downtrend market in order to continue its bearish movement towards 1.0759 (the weekly support 1). Equally important, the resistance would set at the level of 1.0930. Besides, it should be noted that a range about 107 (1.0909 - 1.0802) pips is expected today, but we anticipate a range of up to 283 pips today. However, the stop loss should be placed above the the weekly pivot point at 1.0969, so the stop loss of 60 pips should be set since the risk of 60 pips could make profit of 90 pips.
Notes:
- The weekly pivot point (1.0909) represents the key level this week.
- The price hit the weekly pivot point and the support 1 last week.
- The double bottom will set at the point of 1.0802.
