Overview:
- The EUR/USD pair is trying to break a minor support at the level of 1.0744 which acts as a key level this week. According to the previous events, the EUR/USD pair is still moving between the levels of 1.0744 and 1.0659. Therefore, we expect a range of 85 pips in coming hours. The trend is still below the 100 EMA, for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside. For this reason, the price spot of 1.0828 remains a significant resistance zone. Consequently, there is a possibility that the EUR/USD pair will move downside. The structure of a fall does not look corrective. In order to take a bearish opportunity below 1.0828 or/and 1.0744, sell below 1.0744 with the first target at 1.0659. Besides, the weekly support 1 is seen at the level of 1.0659. However, traders should watch for any sign of a bullish rejection that occurs around 1.0828 (the double top). Moreover, the level of 1.0868 is expected to act as a major resistance this week. Since the trend is below the 1.0868 level, the market is still in a downtrend. Overall, we still prefer the bearish scenario.
Daily key levels:
- Major resistance:1.0953
- Minor resistance:1.0868
- Intraday pivot point:1.0744
- Minor support:1.0659
- Major support:1.0535
