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Overview:
Daily pivot point: 1.0943.
The EUR/USD pair continues to move downwards from the level of 1.1050. Yesterday, the pair dropped from the level of 1.0967 to the bottom around 1.0905 yesterday. The first resistance level is seen at 1.0943 followed by 1.0967, while daily support 1 is seen at 1.0905. 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 1.0967. The price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend because the price spot of 1.0967 remains a significant resistance zone. Therefore, a possibility that the EUR/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 1.0967, sell below 1.0967 with the first targets at 1.0880 and 1.0854.
Trading recommandations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 1.0880. A break of that target will move the pair further downwards to 1.0854. The pivot point stands at 1.0943. However, the stop loss should be located above the level of 1.1006. Overall I still prefer a bearish scenario at this phase in the 1-hour time frame.
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