Technical market overview:
The EUR/USD pair has moved a little bit higher during the corrective cycle and the upper boundary of the corrective channel was almost hit. The local high was made at the level of 1.1284 before the pull-back towards the level of 1.1254 occurred. The momentum remains positive and strong, so another leg up is possible despite the overbought market conditions. The next target for bulls is seen at the level of 1.1331 if the level of 1.1284 is clearly violated in an impulsive fashion.
Weekly Pivot Points:
WR3 - 1.1316
WR2 - 1.1286
WR1 - 1.1248
Weekly Pivot - 1.1215
WS1 - 1.1175
WS2 - 1.1141
WS3 - 1.1100
Trading recommendations:
The trend remains bearish, so the level of 1.1284 might be a good place to re-enter the sell orders with a tight protective stop loss. If this level is violated clearly, short-term buy orders can be opened with a target at the level of 1.1331.
The material has been provided by InstaForex Company - www.instaforex.com
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