The EUR/USD pair has been trading below technical resistance at the level of 1.1249 for some time now and the bounce looks weak and slow so far. In order to make it more dynamic, the bulls would have to break through the resistance level and go towards the next technical resistance seen at 1.1284. The momentum remains neutral and the market conditions are starting to become 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
The material has been provided by InstaForex Company – www.instaforex.com
Technical market overview:
The EUR/USD pair has been trading below technical resistance at the level of 1.1249 for some time now and the bounce looks weak and slow so far. In order to make it more dynamic, the bulls would have to break through the resistance level and go towards the next technical resistance seen at 1.1284. The momentum remains neutral and the market conditions are starting to become 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
The material has been provided by InstaForex Company – www.instaforex.com
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