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The direction of the EUR/USD pair into the close this week is likely to be determined by trader reaction to 1.0830 and 1.0800.
The EUR/USD pair climbed above the level of 1.0865 before it started a downside correction. It broke a fateful bullish trend line with support near 1.0865 on the M30 chart.
Right now, the EUR/USD pair settled below the key 1.0937 resistance. So, it is at a risk of a downside break below 1.0865.
According to previous events, the EUR/USD pair has still moving between the level of 1.0937 and the 1.0865 level (those levels coincided with the Fibonacci retracement levels 38.2% and 23.6 respectively).
Look for the intraday a strong downside bias to continue as long as the EUR/USD pair holds below the price of 1.0937 which represents the daily pivot.
If this move creates enough late session downside momentum then look for a wave into 1.0830, followed closely by 1.0800.
The EUR/USD pair settled below the 1.0937 resistance zone, opening the doors for more downsides in the near term. Similarly, The EUR/USD pair could dive if it breaks the 1.0865 support.
Today, the first resistance level is seen at 1.0910 followed by 1.0937, while daily support 1 is seen at 1.0865. Furthermore, the moving average (100) starts signaling a downward trend.
Therefore, the market is indicating a bearish opportunity below 1.0910 or 1.0937. For that, it will be good to sell at 1.0910 with the first target of 1.0865. It will also call for a downtrend in order to continue towards 1.0800 in coming hours.
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