Technical market overview:
The EUR/USD pair has not been able to break through the technical resistance at the level of 1.1249 and moved down towards the nearest support at the level of 1.1210. The horizontal consolidation is now even tighter and the breakout from it will be severe for one side of the market. The momentum remains neutral and the market conditions are overbought, which increases the probability of a down move continuation.
Weekly Pivot Points:
WR3 - 1.1404
WR2 - 1.1365
WR1 - 1.1280
Weekly Pivot - 1.1244
WS1 - 1.1156
WS2 - 1.1125
WS3 - 1.1041
Trading recommendations:
The short-term trend remains bearish ant the target is still seen at the level of 1.1176, so the sell orders should be kept open until the target is hit. Another good short-term level to enter the sell position is seen at 1.1249.
