- The EUR/USD pair's support was broken and turned to resistance around the price of 1.1350 last week. The new support coincides with the ratio of 61.8% Fibonacci retracement levels. Therefore, the pair is going to form strong resistance at the 1.1350 and 1.1366 levels. Moreover, after it could not close above 78.6% Fibonacci retracement levels (1.1321), the pair started indicating the bearish market at this level. Thus, the EUR/USD pair will be called in a downside momentum rather convincing and the structure of the fall does not look corrective in order to indicate the bearish opportunity below 1.1350. Consequence, it will be a good sign to sell below 1.1350 with the first target of 1.1215 and it will call for a downtrend in order to go on with a bearish bias towards 1.1155 for testing the double bottom. At the same time, it should also be noted that the price has still been moving between 1.1250 and 1.1150. Besides, the MA(75) is still calling for a downtrend at this area.
The Weekly technical analysis of EUR/USD pair: