Technical market overview:
The bounce from the 61% Fibonacci retracement on the EUR/USD pair 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 because there is no sight of correction continuation. Any violation of the level of 1.1275 will only accelerate the bearish pressure.
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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