The EUR/USD pair continues moving in a bearish trend from the resistance level of 1.1553 to 1.1368.
Currently, the price is in a bearish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market.
The bias remains bearish in the nearest term testing 1.1300 and 1.1283. Immediate resistance is seen around 1.1425 levels, which coincides with the weekly pivot.
Moreover, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 1.1425. So it will be good to sell at 1.1425 with the first target of 1.1300. It will also call for a downtrend in order to continue towards 1.1283. The strong weekly support is seen at 1.1283.
However, if a breakout happens at the resistance level of 1.1425, then this scenario may be invalidated.
The material has been provided by InstaForex Company – www.instaforex.com