Overview:

The EUR/USD pair was polemic as it was trading in a narrow sideways channel, the market showed signs of instability. Amid the previous events, the price is still moving between the levels of 1.0871 and 1.0976.

In the H1 time frame, resistance and support are seen at the levels of 1.0976 (also, the double top is already set at the point of 1.0976) and 1.0871 respectively.

Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel is completed. The current price is seen at 1.0871, which represents the key level today.

The level of 1.0976 will act as the first resistance line. Hence, if the pair fails to pass through the level of 1.0976, the market will indicate a bearish opportunity below the strong resistance level of 1.0976.

Sell deals are recommended below the level of 1.0976 with the first target at 1.0871. If the trend breaks the support level of 1.0871, the pair is likely to move downwards continuing the bearish trend development to the level 1.0765.

However, the price spot of 1.0765 remains a significant support zone. Thus, the trend will probably be rebounded again from the double bottom as long as the level of 1.0765 is not broke.