Technical market overview:
The EUR/USD pair keeps trading in a horizontal area located between the levels of 1.1316 - 1.1371 after a three wave bounce from the swing low at the level of 1.1234. The level os 1.1371 is so far too strong for the bulls to break through it, so plenty of candles with long upper shadows are now being made. This indicates, that the bears are active at this level and are trying to push the prices lower. Any violation of the lower boundary of the consolidation zone located at the level of 1.1316 will only make the down move faster.
Weekly Pivot Points:
WR3 - 1.1473
WR2 - 1.1420
WR1 - 1.1380
Weekly Pivot - 1.1328
WS1 - 1.1280
WS2 - 1.1226
WS3 - 1.1185
Trading recommendations:
There is no good trading setup present on the EUR/USD market right now, so it is better to wait and see how the price will react when one of the levels (support or resistance) is violated. The daytraders should try to place the sell orders as close as possible to the level of 1.1371 with a tight protective stop loss. The target would be the other side of the range at the level of 1.1316.
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