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Overview :

The EUR/USD pair faced resistance at the level of 1.1839 because support had become resistance. But, the strong resistance has already formed at the level of 1.1881 and the pair is likely to try to approach it in order to test it again.

However, if the pair fails to pass through the level of 1.1881, the market will indicate a bearish opportunity below the new strong resistance level of 1.1881 (the level of 1.1881 coincides with a ratio of 100% Fibonacci).

Also, the level of 1.1807 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 1.1839 towards the first support level at 1.1784 in order to test it.

Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength above the moving average (100) and (50).

Thus, the market is indicating a bearish opportunity below 1.1881 for that it will be good to sell at 1.1839 with the first target of 1.1784. It will also call for a downtrend in order to continue towards 1.1734. The daily strong support is seen at 1.1688.

However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 1.1925.

The material has been provided by InstaForex Company – www.instaforex.com

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