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Overview :
Pair : EUR/USD :
We expect to see a strong reaction off this level to push price down towards 1.0665 before 1.0627 support (Fibonacci retracement, horizontal swing low support).
RSI (14) sees a bearish exit of our ascending support-turned-resistance line signalling that we'll likely be seeing some bearish momentum from the spot of 1.0707.
The EUR/USD pair dropped from the level of 1.0752 to the bottom around 1.0653. But the pair could not rebound from the bottom of 1.0653 to close at the same price.
Today, the first support level is seen at 1.0627, and the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 1.0726, which coincides with the 61.8% Fibonacci retracement level.
This resistance has been rejected several times confirming the downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the EUR/USD pair is able to break out the first support at 1.0627, the market will decline further to 1.0609 in order to test the weekly support 2.
In the H1 time frame, the pair will probably go down because the downtrend is still strong. Consequently, the market is likely to show signs of a bearish trend.
So, it will be good to sell below the level of 1.0726 with the first target at 1.0627 and further to 1.0609.
At the same time, the breakdown of 1.0787 will allow the pair to go further up to the levels of 0.61.0820 726 in order to try a new bullish wave.
In the H1 time frame, the pair will probably go down because the downtrend is still strong. Consequently, the market is likely to show signs of a bearish trend.
So, it will be good to sell below the level of 1.0726 with the first target at 1.0627 and further to 1.0609.
At the same time, the breakdown of 1.0787 will allow the pair to go further up to the levels of 0.61.0820 726 in order to try a new bullish wave
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