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Overview:

  • The EUR/USD pair dropped sharply from the level of towards 1.1160. Now, the price is set at 1.1095 to act as a daily pivot point. It should be noted that volatility is very high for that; EUR/USD is still moving between 1.1127 and 1.1062 in coming hours. Furthermore, the price has been set below the strong resistance at the levels of 1.1160 and 1.1127, which coincides with the major resistance and 61.8% Fibonacci retracement level respectively. Additionally, 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 1.1127. Thereupon, the price spot of 1.1160 – 1.1127 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. In order to indicate a bearish opportunity below 1.1127, sell below 1.1127 with the first targets at 1.1062 and 1.1022. If the EUR/USD pair fails to break through the support level of 1.1022 this week, the market will decline further to 1.0958. The pair is expected to drop lower towards at least 1.0958 (the double bottom is seen at 1.0958). However, the stop loss should be located above the level of 1.1199.

The material has been provided by InstaForex Company – www.instaforex.com

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