The EUR/USD pair faced a minor resistance at the level of 1.0606, while major resistance is seen at 1.0641. Support is found at the levels of 1.0552 and 1.0512.
Also, it should be noted that a daily pivot point has already set at the level of 1.0512 (S2). Equally important, the EUR/USD pair is still moving around the key level at 1.0606, which represents a daily top in the H14 time frame at the moment.
Yesterday, the EUR/USD pair continued to move upwards from the level of 1.0512. The pair rose from the level of 1.0512 (this level of 1.0512 coincides with the daily pivot point) to the top around 1.0606.
In consequence, the EUR/USD pair broke resistance, which turned strong support at the level of 1.0512. The level of 1.0512 is expected to act as major support today.
According to the previous events, the EUR/USD pair is still moving between the levels of 1.0606 and 1.0512.
Therefore, we expect a range of 106 pips in coming two days. The trend is still above the 100 EMA for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.
But, the price spot of 1.0606 remains a significant resistance zone. Since the trend is below the 100% Fibonacci level (10606), the market is still in a downtrend. Overall, we still prefer the bearish scenario.
Consequently, there is a possibility that the EUR/USD pair will move downside. The structure of a fall does not look corrective.
In order to indicate a bearish opportunity below 1.0606 , sell below 1.0606 with the first target at 1.0512 (pivot). Besides, the weekly support 3 is seen at the level of 1.0454.
However, traders should watch for any sign of a bullish rejection that occurs around 1.0454. The level of 1.0454 coincides with 38.2% of Fibonacci, which is expected to act as a major resistance today.