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The EUR/USD pair is closing below the Pivot Point (1.1028) could assure that EUR/USD will move lower towards cooling new lows.
The bears must break through 1.0960 in order to resume the downtrend - increased within an down channel.
If the pair fails to pass through the level of 1.1028, the market will indicate a bearish opportunity below the strong resistance level of 1.1028.
In this regard, sell deals are recommended lower than the 1.1028 level with the first target at 1.0960.
The trend is still calling for a strong bearish market from the spot of 1.1028 because the sellers are asking for a high price.
Moreover, the RSI is becoming to signal a downward trend, as the trend is still showing strong below the moving average (100) and (50).
It is possible that the pair will turn downwards continuing the development of the bearish trend to the levels 1.0940.
On the downside, the 1.0940 level represents support. The next major support is located near the $ 1.0922, which the price may drift below towards the 1.0922 support region.
However, stop loss has always been in consideration thus it will be useful to set it above the last double top at the level of 1.1137 (notice that the major resistance today has set at 1.1137).
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