Overview:
- The EUR/USD pair continues to move downwards from the level of 1.1022. The pair dropped from the level of 1.1022 (this level of 1.1022 is coincided with the double top) to the current point around 1.0935. Today, the first resistance level is seen at 1.0979 followed by 1.1022, while daily support 1 is seen at 1.0921. According to the previous events, the EUR/USD pair is still moving between the levels of 1.0945 and 1.0868; for that we expect a range of 77 pips at least. If the EUR/USD pair fails to break through the resistance level of 1.0979, the market will decline further to 1.0868. This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 1.0868 with a view to test the daily support one. Other supports are seen at the levels of 1.0820 and 1.0731. On the contrary, if a breakout takes place at the resistance level of 1.1022 (the double top), then this scenario may become invalidated.
