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27.11.2023 09:25 PM
Overview :
The trend of EUR/USD pair movement was controversial as it took place in a narrow sideways channel, the market showed signs of instability. Amid the previous events, the price is still moving between the levels of 1.0848 and 1.0966. Also, the daily resistance and support are seen at the levels of 1.0966 and 1.0848 respectively.
Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel has completed. Last week, the market moved from its bottom at 1.0848 and continued to rise towards the top of 1.0966. Today, in the one-hour chart, the current rise will remain within a framework of correction.
The Relative Strength Index (RSI) is considered overbought because it is below 60. The RSI is still signaling that the trend is downward, but it is still strong above the moving average (100). This suggests the pair will probably go down in coming hours. Accordingly, the market is likely to show signs of a bearish trend.
However, if the pair fails to pass through the level of 1.0966, the market will indicate a bearish opportunity below the strong resistance level of 1.0966 (the level of 1.0966 coincides with the double top too). Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 1.0966 with the first target at 1.0848.
If the trend breaks the support level of 1.0848, the pair is likely to move downwards continuing the development of a bearish trend to the level 1.0725 in order to test the daily support 2 (horizontal balck line).
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