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Overview:
The pivot point: 1.1120.
Trend: sideways.
The trend of EUR/USD pair movement was controversial as it took place in a narrow sideways channel, the market showed signs of instability.
Amid the previous events, the price is still moving between the levels of 1.1120 and 1.1165.
Also, the daily resistance and support are seen at the levels of 1.1165 and 1.1200 respectively.
Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel has completed.
The market will probably be moving from its bottom at 1.1120 to rise towards the top of 1.1165 sooner.
Today, in the one-hour chart, the current rise will remain within a framework of correction. However, if the pair fails to pass through the level of 1.1165, the market will indicate a bearish opportunity below the strong resistance level of 1.1165 (the level of 1.1200 coincides with the double top too).
Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 1.1165 with the first target at 1.1100. If the trend breaks the support level of 1.1100, the pair is likely to move downwards continuing the development of a bearish trend to the level 1.1040 in order to test the daily support 2 (horizontal green line).
However, stop loss should always be taken into account, accordingly, it will be of beneficial to set the stop loss above the last bullish wave at the level of 1.1200.
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