Technical market overview:
The EUR/USD bulls have managed to push the prices towards the level of 1.1371 which is 3 pips below the 50% Fibonacci of the previous swing down. The corrective move upwards might have been completed as the market is now in a typical zone for the correction and the Bearish Engulfing candlestick pattern has been done. This indicates the bears are defending the 50% Fibo and will try to push the prices back down again. The nearest support is seen at the level of 1.1321 and 1.1309.
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:
Due to the Bearish Engulfing pattern and the proximity of the 50% Fibo level, only sell orders should be opened as close as possible to the level of 1.1374 with a tight protective stop loss. If the price will fall out of the channel lower boundary, then more sell orders can be added. The targets are seen at the levels of 1.1258 and 1.1234.
