The EUR/USD market keeps trying to break through the technical resistance zone located between the levels of 1.1167 – 1.1174, but no avail so far. There were some attempts to rally but were quickly capped by the bears. The short-term outlook remains bearish and there is no signs or any trend reversal for now. The market is biased to the downside despite extremely oversold conditions. The next target for bears is seen at the level of 1.1135 and 1.1111.
Weekly Pivot Points:
WR3 – 1.1317
WR2- 1.1287
WR1 – 1.1208
Weekly Pivot – 1.1178
WS1 – 1.1099
WS2 – 1.1069
WS3 – 1.0986
Trading Recommendations:
The best trading strategy in the current market conditions is to sell the local pull-backs with a tight protective stop loss. Due to the oversold market conditions please pay attention to the candlestick trend reversal patterns and market trend reversal patterns. The next important technical support is located at the level of 1.1111 and this is the next target for bears.
The material has been provided by InstaForex Company – www.instaforex.com
Technical Market Overview:
The EUR/USD market keeps trying to break through the technical resistance zone located between the levels of 1.1167 – 1.1174, but no avail so far. There were some attempts to rally but were quickly capped by the bears. The short-term outlook remains bearish and there is no signs or any trend reversal for now. The market is biased to the downside despite extremely oversold conditions. The next target for bears is seen at the level of 1.1135 and 1.1111.
Weekly Pivot Points:
WR3 – 1.1317
WR2- 1.1287
WR1 – 1.1208
Weekly Pivot – 1.1178
WS1 – 1.1099
WS2 – 1.1069
WS3 – 1.0986
Trading Recommendations:
The best trading strategy in the current market conditions is to sell the local pull-backs with a tight protective stop loss. Due to the oversold market conditions please pay attention to the candlestick trend reversal patterns and market trend reversal patterns. The next important technical support is located at the level of 1.1111 and this is the next target for bears.
The material has been provided by InstaForex Company – www.instaforex.com
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