Overview :
The US dollar gained bearish pace below the resistance levels of 1.0970 and 1.1011. The EUR/USD pair is testing 1.0919 is consolidating below the first resistance (1.0970).
The EUR/USD pair moved into a bearish area below the 1.0970 and 1.101 levels. The EUR/USD pair even extended decline below the 1.00837 level before somewhat recovering.
It is currently (right now) showing bearish signs below USD 1.0880 and still might extend losses.
After completing the correction at 1.0919, the EUR/USD pair is expected to resume falling towards 1.0878 and then start a new correction to reach 1.0837 (double bottom - last bearish wave).
After that, the act may resume trading downwards with the second target at 1.0800. From the technical point of view, this idea is confirmed by the RSI (14) - after breaking 60 to the downside, its signal line may continue moving to reach 30. Later, the line may rebound from 50 and start a new growth towards 20.
Similarly, most major pairs (EUR/USD, GBP/USD and AUD/USD ... etc) are trading in a negative zone. The EUR/USD pair is testing the 1.0837 support zone. The EUR/USD pair managed to stay below the USD 1.0970 . The EUR/USD pair could extend losses below the 1.0970 resistance.
Today, the first support level is seen at 1.0837, the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 1.0970, which coincides with the 38.2% Fibonacci retracement level.
This resistance has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling a downward trend.
As a result, if the EUR/USD pair is able to break out the first support at 1.0837, the market will decline further to 1.0800 in order to test the weekly support 2.
Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 1.0919 with the first target at 1.0837 and further to 1.0800.
On the upside, the price might face resistance near the 1.0970 level. The next major resistance is near the 1.0970 level, above which the price might retest 1.1052.