Technical market overview:
The EUR/USD pair is moving lower as it passed the 61% Fibonacci retracement at the level of 1.1305 and now the local low was made at the level of 1.1289. The market conditions are now oversold, but the momentum is still weak and negative and there is no price or candlestick formation indicating a downtrend reversal yet. In this situation, the next target for bears is seen at the level of 1.1275 or even lower at the level of 1.1258.
Weekly Pivot Points:
WR3 - 1.1499
WR2 - 1.1457
WR1 - 1.1406
Weekly Pivot - 1.1363
WS1 - 1.1314
WS2 - 1.1271
WS3 - 1.1224
Trading Recommendations:
All sell orders from the last week should be closed with profit at the level of 1.1305 and now global investors should wait for a better trading setup to occur shortly. If anyone still has an open sell order, then the target is the level of 1.1275 or 1.1258.
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