Technical market overview:
The EUR/USD pair has hit the lower corrective channel boundary around the level of 1.1230 and bounced back from there towards the technical resistance at the level of 1.1284. The bulls are still trying to break out of the channel and through the resistance and if they succeed, then the next target for bulls is seen at the level of 1.1331 if the level of 1.1284 is clearly violated in an impulsive fashion. The momentum remains positive and strong, so another leg up is possible despite the overbought market conditions.
Weekly Pivot Points:
WR3 - 1.1316
WR2 - 1.1286
WR1 - 1.1248
Weekly Pivot - 1.1215
WS1 - 1.1175
WS2 - 1.1141
WS3 - 1.1100
Trading recommendations:
The trend remains bearish, so the level of 1.1284 might be a good place to re-enter the sell orders with a tight protective stop loss. If this level is violated clearly, short-term buy orders can be opened with a target at the level of 1.1331.
