- Pair : EUR/USD.
- Pivot : 1.2080.
- Prediction : Downtrend – bearish market.
The EUR/USD pair tries to rebound from the region of 1.2080 and 1.2101. The EUR/USD pair has recently managed to get below the daily pivot point at the 100 EMA at 1.2080 (38.2% of Fibonacci retracement levels).
The EUR/USD pair is only bearish while trading below the 1.2080 level, key support is found at the 1.2080 and 1.2101 levels on the one-hour chart.
At the same times frame, the EUR/USD pair touches down to 1.2012 level of support which formes a bottom.
Yesterday, the euro currency lastly fell to the support level of 1.2012, testing the level more firmly.
The EUR/USD pair continues to move downwards from the level of 1.2054. Yesterday, the pair dropped from the level of 1.2080 (this level of 1.2080 coincides with the double top, pivot point) to the bottom around 1.2012.
Today, the first resistance level is seen at 1.2080 followed by 1.2154 (the weekly pivot point), while daily support 1 is found at 1.1985.
The nearest resistance level for the EUR/USD pair is located near the 100 EMA at 1.2080. If the EUR/USD pair declines below this level, it will gain downside momentum and move towards the next support level at 1.1985.
The 100 EMA is located near 1.2080; for that the EUR/USD pair will likely get significant resistance at this level.
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 1.2080ctowards the first support level at 1.1985in order to test it.
If the pair succeeds to pass through the level of 1.1985, the market will indicate a bearish opportunity below the level of 1.1960.
However, if a breakout happens at the resistance level of 1.2190, then this scenario may be invalidated.
On the H1 chart. the level of 1.2080 coincides with 38.2% of Fibonacci, which is expected to act as minor support today. Since the trend is below the 38.2% Fibonacci level, the market is still in a downtrend.
Thus, the market is indicating a bearish opportunity below the above-mentioned resistance levels, for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside (1.2080).
The price spot of 1.2080 remains a significant resistance zone. Hence, the trend is still bearish as long as the level of 1.2080 is not breached.
Current price sets at 1.2030.
If the EUR/USD pair is able to break out the bottom at 1.2012, the market will decline further to 1.1960 in order to test the daily support 2.
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.