Overview:
- The price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the EUR/USD pair is continuing in a bearish trend from the new resistance of 1.1203. Thereupon, the price spot of 1.1203 remains a significant resistance zone. Therefore, a possibility that the EUR/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. Also, it should be noted that last week the EUR/USD pair has dropped sharply from the level of 1.1203 towards 1.1166. Now, the price is set at 1.1166to act as a daily pivot point. It should be noted that volatility is very high for that the EUR/USD pair is still moving between 1.1203 and 1.1119 in coming hours. Furthermore, the price is set below the strong resistance at the levels of 1.1241 and 1.1203 , which coincides with the 61.8% and 50% Fibonacci retracement level respectively. Since the trend is below the 50% Fibonacci level, the market is still in an downtrend. In order to indicate a bearish opportunity below 1.1203, sell below 1.1203 with the first targets at 1.1119 and 1.1050 (the double bottom is seen at 1.1043). However, the stop loss should be located above the level of 1.1260.
The material has been provided by InstaForex Company – www.instaforex.com
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