The EUR/USD pair is trading around the daily pivot point (1.1393). It continued to move downwards from the level of 1.1393 to the bottom around 1.1335. This week, the first resistance level is seen at 1.1393 followed by 1.1426, while the first daily support is seen at 1.1335. Furthermore, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 1.1393. So, it will be good to sell at 1.1393 with the first target at 1.1335. The downtrend is also expected to continue towards 1.1294. The strong daily support is seen at the 1.1254 level. According to the previous events, we anticipate the EUR/USD pair to trade between 1.1393 and 1.1254 in coming hours. The price area of 1.1393 remains a significant resistance zone. Thus, the trend remains bearish as long as the level of 1.1393 is not broken. On the contrary, in case a reversal takes place, and the EUR/USD pair breaks through the resistance level of 1.1393, then a stop loss should be placed at 1.1453.
The material has been provided by InstaForex Company - www.instaforex.com
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