Technical market overview:
At the beginning of the week, the EUR/USD pair is still continuing the horizontal consolidation in the low volatility market. The current consolidation zone is located between the levels of 1.1210 - 1.1220 and the current swing low is just at the level of 1.1176. The momentum remains weak and negative despite the clearly oversold market conditions, so there is still a chance for the move towards the level of 1.1176 soon. The nearest technical resistance is seen at the level of 1.1249. The short-term outlook remains bearish.
Weekly Pivot Points:
WR3 - 1.1404
WR2 - 1.1365
WR1 - 1.1280
Weekly Pivot - 1.1244
WS1 - 1.1156
WS2 - 1.1125
WS3 - 1.1041
Trading recommendations:
The short-term trend remains bearish ant the target is still seen at the level of 1.1176, so the sell orders should be kept open until the target is hit. Then the pull-back towards the level of 1.1249 is expected.
