Technical Market Overview:
The EUR/USD pair has been consolidating the recent gains in a narrow zone between the levels of 1.1292 - 1.1323. The price is still trading inside of the channel and is now very close to the swing high seen at the level of 1.1331. The market conditions are now overbought and the market might start to move down again very soon. In order to move lower, the bears have to break below the technical support at the level of 1.1285 otherwise the bulls will move the price up again towars the level of 1.1331 or higher.
Weekly Pivot Points:
WR3 - 1.1459
WR2 - 1.1387
WR1 - 1.1347
Weekly Pivot - 1.1275
WS1 - 1.1236
WS2 - 1.1164
WS3 - 1.1121
Trading Recommendations:
The seel orders should be placed as close as possible to the level of 1.1320 with a protective stop loss at the level of 1.1332. The are chances that the market will return to the down move soon.
