Technical Market Overview:
The EUR/USD pair has made another rally towards the technical resistance at the level of 1.1323, but the bulls were too weak to break through the resistance. In the result, a possible Double Top formation was made at the level of 1.1323 and the candlestick formations that build this are Bearish Engulfing formations. It all looks like a very bearish situation as the market is very close to the technical support at the level of 1.1286. Please remember, the channel is a corrective structure and the current trend on this pair is still down. Any violation of the lower channel boundary will confirm the top is in.
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.
