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Overview:
The EUR/USD pair was trading around the area of 1.1037 a week ago.
The EUR/USD pair faced strong resistance at the level of 1.1037 because support became resistance.
The trend is continuing with a bearish trend from the new resistance of 1.1037. The current price is set at the level of 1.1018.
Further close below the low end may cause a drop towards 1.0991. Nonetheless, the weekly support level and zone should be considered.
The price is in a bearish channel. According to the previous events, we expect the EUR/USD pair to move between 1.1037 and 1.0946.
Therefore, there is a possibility that the EUR/USD pair will move down side and the structure of a fall does not look corrective. The trend is still below the 100 EMA for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside. Also, the RSI is still calling for a strong bearish market
If the pair succeeds in passing through the level of 1.1018 (the current price), the market will indicate a bullish opportunity below the level of 1.1037.
A breakout of that target will move the pair further downwards to 1.0991. Sell orders are recommended below the area of 1.1037 with the first target at the level of 1.0991; and continue towards 1.0946. Then, we may anticipate potential testing of 1.0946 to take place today.
Please notice that this scenario will be invalidated if the price reverses above the wave 2 highs at the level of 1.1086. But overall I still prefer the bearish scenario at this phase.
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