Overview:
- 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 1.1137 and 1.1324. Besides, the daily resistance and support are seen at the levels of 1.1326 and 1.1139 respectively. Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel has completed. Last week, the market moved from its top at 1.1326 and continued to fall towards the top of 1.1198. Today, in the one-hour chart, the current rise will remain within a framework of correction. However, if the pair fails to pass through the level of 1.1326, the market will indicate a bearish opportunity below the strong resistance level of 1.1326 (the level of 1.1326 coincides with the double top too). Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 1.1326 with the first target at 1.1140. If the trend breaks the support level of 1.1140, the pair is likely to move downwards continuing the development of a bearish trend to the level 1.1045 in order to test the daily support 2. On the other hand, it would also be wise to consider where to place a stop loss; this should be set above the first resistance of 1.1326.
Intraday technical levels:
- R3: 1.1513
- R2: 1.1419
- R1: 1.1326
- PP: 1.1232
- S1: 1.1139
- S2: 1.1045
- S3: 1.0952
