Technical market overview:
The EUR/USD pair has retraced 61% of the last wave up afte the false attempt to break throught the technical resistance zone located between the levels of 1.1406 - 1.1419 wa smade and the Three Red Soldiers candlestick pattern was made. The bounce was very shallow, about 20 pips so far, the momentum remains weak and negative despite the oversold market conditions, so another move down is still on the table.
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 sell orders should be placed from the level of 1.1335 in a case of any pull-back upwards and the sell stop orders should be opened below the level of 1.1272, where the local low is. The targets are seen at the levels of 1.1249 and 1.1220.
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