The EUR/USD pair has made another leg lower, below the 61% Fibonacci retracement that is now past. The new low was made at the level of 1.1254, almost hitting the technical support at the level of 1.1249. The market unfolds as anticipated and the bearish pressure is still present, so the down move should continue towards the levels of 1.1249 and 1.1220. The nearest technical resistance for the bulls is seen at the level of 1.1284 and 1.1294.
Weekly Pivot Ponts:
WR3 – 1.1551
WR2 – 1.1500
WR1 – 1.1377
Weekly Pivot – 1.1325
WS1 – 1.1198
WS2 – 1.1148
WS3 – 1.1029
Trading recommendations:
The first targets for the sell orders are about to be hit as they are located at the level of 1.1249 and then if the down move will continue, the next target is seen at the level of 1.1220. All the sell orders should be closed at one of this levels.
The material has been provided by InstaForex Company – www.instaforex.com
Technical market overview:
The EUR/USD pair has made another leg lower, below the 61% Fibonacci retracement that is now past. The new low was made at the level of 1.1254, almost hitting the technical support at the level of 1.1249. The market unfolds as anticipated and the bearish pressure is still present, so the down move should continue towards the levels of 1.1249 and 1.1220. The nearest technical resistance for the bulls is seen at the level of 1.1284 and 1.1294.
Weekly Pivot Ponts:
WR3 – 1.1551
WR2 – 1.1500
WR1 – 1.1377
Weekly Pivot – 1.1325
WS1 – 1.1198
WS2 – 1.1148
WS3 – 1.1029
Trading recommendations:
The first targets for the sell orders are about to be hit as they are located at the level of 1.1249 and then if the down move will continue, the next target is seen at the level of 1.1220. All the sell orders should be closed at one of this levels.
The material has been provided by InstaForex Company – www.instaforex.com
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