Overview:

• On the one-hour chart, the EUR/USD pair continues moving in a bearish trend from the resistance level of 1.1149.
• Currently, the price is in a bearish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market.
• The bias remains bearish in the nearest term testing 1.1047 and 1.0965. Immediate resistance is seen around 1.1149 levels, which coincides with the weekly pivot.
• Moreover, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 1.1100. So it will be good to sell at 1.1100 with the first target of 1.1047.
• It will also call for a downtrend in order to continue towards 1.0965. The strong weekly support is seen at 1.0965.
• However, if a breakout happens at the resistance level of 1.1149, then this scenario may be invalidated.

Weekly technical levels:

• R3: 1.1415
• R2: 1.1333
• R1: 1.1231
• PP: 1.1149
• S1: 1.1047
• S2: 1.0965
• S3: 1.0863