Technical Market Overview:
The EUR/USD pair has tested the technical support at the level of 1.1285 with a brief dip to the level of 1.1277 and bounced again from it. The two last green candles indicate a possible move up towards the recent technical resistance at the level of 1.1323, but the price did not break out from the channel yet. The market conditions are still overbought, but the momentum starts to pick up, so there is a possibility of another move higher towards the level of 1.1331. Please remember, the channel is a corrective structure and the current trend on this pair is still down.
Weekly Pivot Points:
WR3 - 1.1459
WR2 - 1.1387
WR1 - 1.1347
Weekly Pivot - 1.1275
WS1 - 1.1236
WS2 - 1.1164
WS3 - 1.1121
Trading Recommendations:
The sell orders should be placed as close as possible to the level of 1.1323 with a protective stop loss at the level of 1.1332. The are chances that the market will return to the down move soon. Any violation of the level of 1.1273 is the first indication of a downtrend resuming.
