Overview :
The EUR/USD pair dropped from the level of 1.0640 to the bottom around 1.0401. But the pair couldn't rebounded from the bottom of 1.0401 for that close at 1.0410.
Today, the first support level is seen at 1.0360, and the price is moving in a bearish channel now.
Furthermore, the price has been set below the strong resistance at the level of 1.0492, which coincides with the 23.6% Fibonacci retracement level.
This resistance has been rejected several times confirming the 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 1.0360, the market will decline further to 1.0320 in order to test the weekly support 2.
In the H1 time frame, the pair will probably go down because the downtrend is still strong. Consequently, the market is likely to show signs of a bearish trend.
So, it will be good to sell below the level of 1.0401 with the first target at 1.0360 and further to 1.0320.
The bias remains bearish in the nearest term testing 1.0320 or lower. Major support is seen around 1.0320. A clear break below that area could lead price to the neutral zone in the nearest term. Price will test 1.0320, because in general, we remain bearish on June 13rd, 2022.
At the same time, the breakdown of 1.0493 will allow the pair to go further up to the levels of 1.0548 in order to retest the weekly pivot point again.