Overview:
- The EUR/USD pair has faced resistance at the level of 1.0514 because support had become resistance this morning. Besides, it should be noted that the weekly pivot point is seen at the same price of 1.0514. So, the strong resistance has already formed at the level of 1.0514 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 1.0514, the market will indicate a bearish opportunity below the new resistance level of 1.0514 (the level of 1.0514 coincides with a ratio of 50% Fibonacci). Moreover, the RSI starts signaling a downward trend. Thus, the market is indicating a bearish opportunity below 1.05141.0374. It will also call for a downtrend in order to continue towards 1.0232 in coming days. The weekly strong support is seen at 1.0232 . However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 1.0693.
Weekly key levels:
- Major resistance:1.0796
- Minor resistance:1.0656
- Intraday pivot point:1.0514
- Minor support:1.0374
- Major support:1.0232
