Overview:
- The EUR/USD pair continues to move downwards from the level of 1.0995. Last week, the pair dropped from the level of 1.0995 which coincides with the weekly pivot point to the bottom around 1.0828. Today, the first resistance level is seen at 1.0828 followed by 1.0995, while daily support 1 is found at 1.0689. Amid the previous events, the pair is still in a downtrend as it is trading in a bearish trend from the new resistance line of 1.0829 towards the first support level at 1.0750 in order to test it. If the pair succeeds to pass through the level of 1.0750, the market will indicate a bearish opportunity below the level of 1.0689. Therefore, strong support will be found at the level of 1.0689 providing a good spot to take profit today. This week, if the EUR/USD pair breaks through the major support level of 1.0829, a further decline to 1.0600 can occur which would indicate a bearish market.
