Technical market overview:
The EUR/USD pair has completed the consolidation stage and hit the 50% Fibo retracement at the level of 1.1374. After a quick test, it went even higher towards the 61% Fibo retracement located at the level of 1.1407, but failed to hit this retracement yet. The price reversed and is currently moving towards the technical support at the level of 1.3171 to test it from above. The market conditions are now overbought, so the downtrend can resume any time soon.
Weekly Pivot Points:
WR3 - 1.1473
WR2 - 1.1420
WR1 - 1.1380
Weekly Pivot - 1.1328
WS1 - 1.1280
WS2 - 1.1226
WS3 - 1.1185
Trading recommendations:
The traders should try to place the sell orders as close as possible to the level of 1.1407 (61% Fibo retracement) with a tight protective stop loss. Another good level to place the sell stop order is 1.1366. The targets for both orders would be the other side of the range at the level of 1.1316.
