The EUR/USD pair has moved higher towards the technical resistance located at the level of 1.1264 but failed to break through it and the market reversed after the Bearish Engulfing candlestick pattern was made. Only a sustained and impulsive breakout through the technical resistance zone located between the levels of 1.1264 – 1.1273 would change the outlook from bearish to bullish. Currently, it is very likely the price will go back towards the lower range of the consolidation, so the target for bears is seen at the level of 1.1176 – 1.1173 support zone.
Weekly Pivot Points:
WR3 – 1.1359
WR2 – 1.1302
WR1 – 1.1271
Weekly Pivot – 1.1201
WS1 – 1.1184
WS2 – 1.1129
WS3 – 1.1099
Trading Recommendations:
The market is moving inside of the trading range between the levels of 1.1264 – 1.1173, so the best trading strategy for daytraders is to trade the oversold/overbought trading conditions using an oscillator like Stochastic until the breakout occurs. Please pay attention to the price action signs of reversal and candlestick patterns at the range support and range resistance to confirm the level for the trading position.
The material has been provided by InstaForex Company – www.instaforex.com
Technical Market Overview:
The EUR/USD pair has moved higher towards the technical resistance located at the level of 1.1264 but failed to break through it and the market reversed after the Bearish Engulfing candlestick pattern was made. Only a sustained and impulsive breakout through the technical resistance zone located between the levels of 1.1264 – 1.1273 would change the outlook from bearish to bullish. Currently, it is very likely the price will go back towards the lower range of the consolidation, so the target for bears is seen at the level of 1.1176 – 1.1173 support zone.
Weekly Pivot Points:
WR3 – 1.1359
WR2 – 1.1302
WR1 – 1.1271
Weekly Pivot – 1.1201
WS1 – 1.1184
WS2 – 1.1129
WS3 – 1.1099
Trading Recommendations:
The market is moving inside of the trading range between the levels of 1.1264 – 1.1173, so the best trading strategy for daytraders is to trade the oversold/overbought trading conditions using an oscillator like Stochastic until the breakout occurs. Please pay attention to the price action signs of reversal and candlestick patterns at the range support and range resistance to confirm the level for the trading position.
The material has been provided by InstaForex Company – www.instaforex.com
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