The market opened below the weekly pivot point (1.1854). It continued to move downwards from the level of 1.1854 to the bottom around 1.1812 .
Today, the first resistance level is seen at 1.1854 followed by 1.1880, while daily support 1 is seen at 1.1775.
The EUR/USD pair broke support which turned to strong resistance at 1.1854.
Right now, the pair is trading below this level. It is likely to trade in a lower range as long as it remains below the resistance (1.1854) which is expected to act as major resistance today.
This would suggest a bearish market because the moving average (100) is still in a negative area and does not show any signs of a trend reversal at the moment.
Amid the previous events, the EUR/USD pair is still moving between the levels of 1.1854 and 1.1743, so we expect a range of 111 pips in coming days.
Therefore, the major resistance can be found at 1.1854 providing a clear signal to sell with a target seen at 1.1775.
If the trend breaks the minor support at 1.1775, the pair will move downwards continuing the bearish trend development to the level of 1.1743 in order to test the daily support 2.
Overall, we still prefer the bearish scenario which suggests that the pair will stay below the zone of 1.1854 today.
The material has been provided by InstaForex Company – www.instaforex.com
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