Technical market overview:
Not much has changed since yesterday when the EUR/USD pair has hit the technical resistance at the level of 1.1353. There is still no clear sign of a reversal, but the market is not going upwards in an entirely impulsive fashion either. The market conditions are now overbought and there is a bearish divergence forming in this time frame between the price and the momentum indicator. Please notice, that the recent move up from the level of 1.1176 is considered to be a corrective bounce in a downtrend, so the down move can resume any time now.
Weekly Pivot Points:
WR3 - 1.1502
WR2 - 1.1422
WR1 - 1.1372
Weekly Pivot - 1.1287
WS1 - 1.1251
WS2 - 1.1168
WS3 - 1.1131
Trading recommendations:
The bias is still to the downside and only sell orders should be opened. The entry level should be as close as possible to the level of 1.1353 with a tight protective stop loss and the first take profit level is seen at 1.1249.
