Technical Overview:
The EUR/USD pair has reversed after hitting the level of 1.1405 as the Bearish Engulfing candlestick pattern was made. The price moved down to test the technical support located at the level of 1.1347 due to the overbought market conditions and weaker than before momentum oscillator. There is still a chance for a move up if the support holds but if it will not, then the next support is seen at the level of 1.1268.
Weekly Pivot Points:
WR3 - 1.1662
WR2 - 1.1520
WR1 - 1.1459
Weekly Pivot - 1.1309
WS1 - 1.1258
WS2 - 1.1120
WS3 - 1.1064
Trading Recommendations:
The current move up might the beginning of a larger impulsive breakout, so only the buy orders should be opened. The best strategy for this market is to open the buy orders during the local pull-back or larger corrections.
