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Overview:
In the one-hour time frame, the EUR/USD pair is still bearish as long as the level of 1.1063 is not broken.
The level of 1.1063 has rejected sever al times confirming the validity of a bearish market today.
So, resistance is seen at 1.1063 which represents the pivot point. The market is still indicating a strong bearish trend from the spot of 1.1063-1.1086.
This is confirmed by the RSI indicator signaling that we are still in the bullish trending market.
In the short term, we expect the EUR/USD pair to continue to trade in a bearish trend from the new resistance level of 1.1063 to form a bearish channel.
Also, it should be noted that the price is still above the moving average (100) and (50) at the same time frame.
However, if the pair fails to pass through the level of 1.1063 (pivot), the market will indicate a bearish opportunity below the level of 1.1063. So, the market will decline further to 1.0991 in order to return double bottom. Moreover, a breakout of that target will move the pair further downwards to 1.0940.
Consequently, the EUR/USD pair will probably be moved between the levels of 1.1063 and 1.0940.
On the other hand, if the EUR/USD pair fails to break through the daily pivot point level of 1.1063, the market will move upwards continuing the development of the bullish trend to the level 1.1175 (double top) next week.
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