Overview:
- The EUR/USD pair is still moving between levels of 1.0804 and 1.0984. These levels correspond to the double bottom and 78.6%% of Fibonacci retracement levels in the H1 chart. The pair has already formed strong resistance at the level of 1.1001 and is currently approaching it for further testing. Therefore, the EUR/USD pair is expected to go downwards following the non-corrective structure indicating the bearish opportunity below the level of 1.0984 (the double top). Sell deals are recommended below 1.0984 with the first target at 1.0871. Thus, the downtrend is likely to continue the bearish movement towards 1.0820. Moreover, it is fateful that the price has probably formed the strong support level at 1.0804 (00% of Fibonacci retracement levels in the H1 chart). The saturation is like to take place around 1.0804. Therefore, it is possible that the market will start showing the signs of a bullish behavior later. In other words, buy deals are recommended above 1.0804 with the first target seen at 1.0901 and further at the level of 1.1000. Also, it should be noted that the key level is set at the weekly pivot point (1.0901).
