Overview:

• EUR/USD faced major resistance at the level of 1.0683. Before that, the level of 1.0597 represented minor support but the support was broken and turned to resistance. Therefore, the pair has already formed minor resistance at 1.0597. Equally important, after it could not close above 1.0597 and the pair started signing bearish market at this level. Also, this level is coinciding the ratio of 23.6% Fibonacci retracement levels in the H4 chart. Moreover, it should be noted that the RSI is calling for downtrend and the price is going to move between 1.0597 and 1.0462. Then we expect a range of 135 pips in coming days. So, the levels of 1.0597 and 1.0462 are representing resistance and the double bottom respectively. Consequently, the EUR/USD pair will have a downside momentum rather convincing and the structure of the fall does not look corrective. Then, the market will indicate a bearish opportunity below the level of 1.0597. It will be a good sign to sell below 1.0597 with the first target at 1.0520. It will call for downtrend in order to continue bearish movement towards 1.0462 (the double bottom).