Overview :
The EUR/USD pair faced resistance at the level of 1.1781, while minor resistance is seen at 1.1755. Support is found at the levels of 1.1702 and 1.1676. The EUR/USD pair continued to move downwards from the level of 1.1781 to the bottom around 1.1720. Today, the first resistance level is seen at 1.1807 followed by 1.1887, while daily support 1 is seen at 1.1700. The EUR/USD pair broke support which turned to strong resistance at 1.1781. Right now, the pair is trading below this level. It is likely to trade in a lower range as long as it remains below the resistance (1.1781) which is expected to act as major resistance today. This would suggest a bearish market because the moving average (100) is still in a negative area and does not show any signs of a trend reversal at the moment. Amid the previous events, the EUR/USD pair is still moving between the levels of 1.1781 and 1.1676, so we expect a range of 105pips in coming days. Therefore, the major resistance can be found at 1.1781 providing a clear signal to sell with a target seen at 1.1700. If the trend breaks the minor support at 1.1700, the pair will move downwards continuing the bearish trend development to the level of 1.1676 in order to test the daily support 2. Overall, we still prefer the bearish scenario which suggests that the pair will stay below the zone of 1.1781/1.1887 this week. The material has been provided by InstaForex Company - www.instaforex.com
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