Technical Market Overview:
The EUR/USD pair has been trading inside of the narrow zone located between the levels of 1.1210 - 1.1226, just where the 50% Fibonacci retracement is located. The bulls do not look like they have enough momentum to support further move upward as the RSI indicator is in othe overbought zone and is pointing down. The market conditions are overbought as well, so the corrective bounce might have been completed and the market can reverse any time now.
Weekly Pivots:
WR3 - 1.1369
WR2 - 1.1315
WR1 - 1.1220
Weekly Pivot: 1.1165
WS1 - 1.1067
WS2 - 1.1006
WS3 - 1.0913
Trading recommendations:
The level of 1.1226 is 50% Fibonacci retracement, so it is a good level to open the sell orders. If, however, the level is violated, then the price might test the level of 61% located at 1.1242. Anyway, this is a good zone to open a sell position in anticipation of the downtrend to resume shortly.
