The EUR/USD bears are trying to push the prices back below the technical support at the level of 1.1321 as another Bearish Engulfing candlestick pattern was made. Despite their efforts, the market is still trading inside the channel, so the level of technical support at 1.1321 will be the key level for today. On the other hand, the local 50% Fibo at 1.1374 should put a cap on any rally attempt. Any violation of these two levels will indicate a breakout.
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.
The material has been provided by InstaForex Company – www.instaforex.com
Technical market overview:
The EUR/USD bears are trying to push the prices back below the technical support at the level of 1.1321 as another Bearish Engulfing candlestick pattern was made. Despite their efforts, the market is still trading inside the channel, so the level of technical support at 1.1321 will be the key level for today. On the other hand, the local 50% Fibo at 1.1374 should put a cap on any rally attempt. Any violation of these two levels will indicate a breakout.
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.
The material has been provided by InstaForex Company – www.instaforex.com
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