Overview :
The EUR/USD pair continues to move downwards from the level of 1.1207. The pair dropped from the level of 1.1207 (this level of 1.1207 coincides with the double top – 38.2% of Fibonacci – weekly pivot point) to the bottom around 1.1122.
The trend rebounded from the bottom of 1.1122 to close around the level of 1.1156. Today, the first resistance level is seen at 1.1207 followed by 1.1259 (golden ratio – 61.8% of Fibonacci), while daily support 1 is found at 1.1122 .
Also, the level of 1.1207 represents a weekly pivot point for that it is acting as major resistance/support 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 1.1207 towards the first support level at 1.1122 in order to test it.
If the pair succeeds to pass through the level of 1.1122, the market will indicate a bearish opportunity below the level of 1.1122 towards the next objectives of 1.1071 and 1.1021. However, if a breakout happens at the resistance level of 1.1259, then this scenario may be invalidated.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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