Technical Market Overview:
The EUR/USD pair is in full retreat mode after the Gravestone Doji candlestick pattern was made below the trendline dynamic resistance around the level of 1.1215. The price has now broken below the support (now resistance) at the level of 1.1174 and is heading lower, towards the level of 1.1111 again. The oversold market conditions and negative momentum support the short-term bearish outlook.
Weekly Pivot Points:
WR3 - 1.1355
WR2 - 1.2080
WR1 - 1.1254
Weekly Pivot - 1.1180
WS1 - 1.1146
WS2 - 1.1076
WS3 - 1.1043
Trading Recommendations:
The best strategy for the current market conditions is to sell the up move near the technical resistance around the level of 1.1174. All the open sell orders should set the take profit at the level of 1.1111. The larger timeframe trend is still down, so the trade at the short term timeframe will be in line with the downtrend.
