Overview:
- The trend of the EUR/USD pair movement was controversial as it took place in a narrow sideways channel, the market showed signs of instability. Amid the previous events, the price is still moving between the levels of 1.1001 and 1.1115. Also, the daily resistance and support are seen at the levels of 1.1071 and 1.1001 respectively. Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel is completed on the H1 chart.
- Last week, the market moved from its bottom at 1.1001 and continued to rise towards the top of 1.1115. Today, the current rise will remain within a framework of correction around the area of 1.1029 . However, if the pair fails to pass through the level of 1.1071, the market will indicate a bearish opportunity below the strong resistance level of 1.1071 (the level of 1.1071 coincides with the ratio of the 38.2% Fibonacci Expansion). Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 1.1071 with the first target at 1.1000. If the trend breaks the support level of 1.1000, the pair is likely to move downwards continuing the development of a bearish trend to the level 1.0960 in order to form a new double bottom.
