Technical market overview:
The EUR/USD pair had made another lower low at the level of 1.1257 after the technical support at the level of 1.1266 was violated. The market is still decreasing lower and the next target is seen at the level of 1.1239 despite the extremely oversold market conditions.
Due to the bullish divergence building at this time frame, there is s possibility of a horizontal move for some time before the short-term downtrend will continue. The levels to watch for the resistance are 1.1321 - 1.1336.
Weekly Pivot Points:
WR3 - 1.1528
WR2 - 1.1495
WR1 - 1.1390
Weekly Pivot - 1.1351
WS1 - 1.1247
WS2 - 1.1212
WS3 - 1.1101
Trading recommendations:
All the sell orders from yesterday's recommendation have hit the take profit level at 1.1289, so well done for all that took these positions. Currently, due to the downtrend continuation, the traders should open only sell orders as close as possible to the level of 1.1289 with a target at the level of 1.1239.
The material has been provided by InstaForex Company -
www.instaforex.com