Technical market overview:
The EUR/USD pair has hit the 61% Fibo at the level of 1.1407 finally and even made a local high at the level of 1.1419. nevertheless, the price has reversed quickly and in the result, the Shooting Star candlestick pattern was made. This kind of pattern is a very strong indication of a possible trend change. The trend line (marked in orange) has been violated already, so now the bears will have to push the prices below the technical support at the level of 1.1362 in order to confirm the top is in and the road towards the kay technical support zone between the levels of 1.1316 - 1.1324 is now open.
Weekly Pivot Points:
WR3 - 1.1473
WR2 - 1.1420
WR1 - 1.1380
Weekly Pivot - 1.1328
WS1 - 1.1280
WS2 - 1.1226
WS3 - 1.1185
Trading recommendations:
The sell orders from 61% Fibo at 1.1407 should be still kept open. Another level to open the sell order is seen at the level of 1.1360 (sell stop). The targets for both orders would be the other side of the range at the level of 1.1316.
