Overview:
- Today, the pair rebounded from the the level of 1.1121 towards a top at 1.1177. So, the market moved about 56 pips this morning. However, we expect that the price of the EUR/USD pair is going to turn to a bearish bias from the level of 1.1189. The level of 1.1189 represents the weekly pivot point in the H1 chart. Also, it should be noticed that the range of the last week was narrow but formed a downtrend. Then, support will set at the level of 1.1048; and the double bottom is going to set at 1.1086. On the other hand, the resistance placed at the level of 1.1189. Accordingly, it will be a good sign to sell below 1.1189 with the first target of 1.1086 to test a minor support at this price (it represents the double bottom too). So, it will call for a downtrend in order to continue its bearish movement towards 1.1089 (first support). At the same time, the stop loss should be placed above 1.1200 at the level of 1.1231. Equally important, the support is seen at the level of 1.1048 level. Additionally, it should be noted that a range of about 152 pips is expected in coming days.
The weekly technical analysis of EUR/USD pair:
