Technical Market Overview:
The EUR/USD pair has bounced from the level of 1.1118 after a second low was made at the level of 1.1112 and the bulls manage to break through the technical resistance at the level of 1.1176. The next target for bulls is seen at the level of 1.121. The RSI indicator is above its fifty levels, but the oversold market conditions are somehow helping the bulls to at least pause the down-trend and made a local pull-back.
Weekly Pivots:
WR3 - 1.1369
WR2 - 1.1315
WR1 - 1.1220
Weekly Pivot: 1.1165
WS1 - 1.1067
WS2 - 1.1006
WS3 - 1.0913
Trading recommendations:
The level of 1.1176 is the key technical resistance for the pice, so it is a good level to open the sell orders. If, however, the resistance is violated, then the corrective pull-back will extend higher and the sell orders should be closed and short-term buy orders should be open with a target at the level of 1.1210.
