Technical market overview:
The EUR/USD pair has been capped during the pull-back at the level of 1.1249, which is a technical resistance for the bulls. Then the price reversed quickly and went down towards the level of support at 1.1210 and broke below it. The new low was made at the level of 1.1195, but it still does not look like the final low for the price as the target is still seen at the level of 1.1176 - technical support and a swing low.
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 pull-back towards the level of 1.1249 has happened as expected, so sell orders should still be open. 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.
