EURUSD has reached its physiological zone at 1.2000 which is a key level for this pair. This is very strong support area. Seller will cut their profit from this level. So traders need to be careful for trading on that support level. Buyers can take control of this pair from this level. So if any rejection or bullish is formed on that level, then we can take buy entry on this pair. For buy, target will be 1.2150 area.
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On the other hand, trend is fully down. So we need to wait for retracement for taking sell entry. Weekly resistances will be best area for taking sell. If this pair break 1.2000, then it will fall sharply and target will be 1.1880-1.1900 area.
This pair is showing it weakness on every time frame. So it is better to stay on the down side for this pair. We can see some good downward movement on this pair on the coming week.
Weekly Pivot, Support and Resistance
Resistance Two (R2): 1.2293
Resistance One (R1): 1.2147
Pivot Point: 1.2074
Support One (S1): 1.1928
Support Two (S2): 1.1855