Overview:
- The EUR/USD pair continues to move downwards from the level of 1.0723. Last week, the pair dropped from the level of 1.0723 (this level of 1.0723 coincides with the ratio of 78.6% Fibonacci retracement) to the bottom around 1.0641. Today, the first resistance level is seen at 1.0723 followed by 1.0828 (the double top), while daily support 1 is found at 1.0583. Also, the level of 1.0641 represents a weekly pivot point for that it is acting as major level this week. Amid the previous events, the pair is still in a downtrend, because the EUR/USD pair is trading in a bearish trend from the new resistance line of 1.0723 towards the first key level at 1.0641 in order to test it. If the pair succeeds to pass through the level of 1.0641, the market will indicate a bearish opportunity below the level of 1.0641 with the targets of 1.0583 and 1.0526. However, if a breakout happens at the resistance level of 1.0723, then this scenario may be invalidated.
