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The EUR/USD pair action suggests that the negative momentum had weakened. The price experienced a short-term bearish leg towards 1.0759, which got rejected. But this can be considered as a pullback to the 1.0759 support level. The EUR/USD pair is in a falling trend channel in the medium long term. This shows that investors over time have sold at lower prices to get out of the currency, and indicates negative development for the currency.
The currency has support at points 1.0759 and resistance at points 1.0859. The currency is assessed as technically negative for the medium long term. Recent price activity has seen the EUR/USD pair test the 1.0759 area, a level that represents the doublebottom of the appreciating range from 1.0859 to 1.0759. This relative low was also just below the 1.0859 area, a downside price objective related to historical selling pressure that emerged around the 1.0859 area. Following a weekend of bearish pressure, The EUR/USD's price fell to its lowest level in over a month. The trend also neared a one-month low, which came as prices once again slipped below 1.0859 .
Overall, the Euro market cap is down nearly 8%. the EUR/USD pair fell to a one-month low to start the week, as the EUR/USD pair continued to decline, following recent bearish pressure in the market. Following a bottom of 1.0759 late on monday, the EUR/USD pair dropped to a bottom of 1.0759 during Monday's session. Today's drop saw prices fall to their lowest point since March 30, and this comes as bears were able to break the recent 1.0759 support level.
If the pair fails to pass through the level of 1.0859, the market will indicate a bearish opportunity below the strong resistance level of 1.0859. In this regard, sell deals are recommended lower than the 1.0859 level with the first target at 1.0696. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.0696. However, stop loss has always been in consideration thus it will be useful to set it above the last double top at the level of 1.0912 (notice that the major resistance today has set at 1.0912).
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