Overview :

  • The EUR/USD pair set below strong resistance at the level of 1.1833, which coincides with the 38.2% Fibonacci retracement level.
  • This support has been rejected for four times confirming downtrend veracity. Hence, major resistance is seen at the level of 1.1833 because the trend is still showing strength bellow it.
  • Accordingly, the pair is still in the downtrend from the area of 1.1833 and 1.1733. The EUR/USD pair is trading in a bullish trend from the last resistance line of 0.6582 towards the first support level at 1.1762 in order to test it.
  • The level of 1.1762 will act as first support and the double bottom is already set at the point of 1.1762 .
  • This is confirmed by the RSI indicator signaling that we are still in the bearish trending market. Now, the pair is likely to begin an descending movement to the point of 1.1762 and further to the level of 1.1733.
  • At the same time, if a breakout happens at the resistance levels of 1.1833 and 1.1876, then this scenario may be invalidated. But in overall, we still prefer the bearish scenario.

The material has been provided by InstaForex Company –

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