Technical market overview:
The EUR/USD bulls have managed to break through the technical resistance zone between the levels of 1.1321 - 1.1342 and the price has made a new local high at the level of 1.1357. Currently, the bears are testing the breakout from above (the level of 1.1341 and due to the overbought market conditions the bears might extend the pull-back lower towards the level of 1.1330 and 1.1324. Despite the positive momentum, the short-term outlook remains bearish and any spikes up are being considered as an upwards corrections in a downtrend.
Weekly Pivot Points:
WR3 - 1.1452
WR2 - 1.1395
WR1 - 1.1341
Weekly Pivot - 1.1286
WS1 - 1.1238
WS2 - 1.1177
WS3 - 1.1130
Trading recommendations:
All of the sell orders have hit the projected target levels and now all should be closed. The corrective move up might get time-consuming, so the patience is required now. No good trading setup is present currently at the market, better to stay aside for a while.
