Technical Market Overview:
For the last 10 days and almost two weeks, the EUR/USD pair has been moving is of the descending channel and had been making consecutive lower lows every day. The last one was made at the level of 1.0830 as anticipated. All the bounces after the sell-offs had been shallow, so the bearish pressure is still high despite the extremely oversold market conditions. The momentum is still weak and negative and there is no indication of any trend reversal yet. The next target for bears is seen at the level of 1.0778 and the immediate technical resistance is seen at the levels of 1.0879 and 1.0885 more upside 1.0980 Beware of short-squeeze.
Weekly Pivot Points:
WR3 - 1.1168
WR2 - 1.1131
WR1 - 1.1018
Weekly Pivot - 1.0976
WS1 - 1.0860
WS2 - 1.0819
WS3 - 1.0777
Good luck
For the last 10 days and almost two weeks, the EUR/USD pair has been moving is of the descending channel and had been making consecutive lower lows every day. The last one was made at the level of 1.0830 as anticipated. All the bounces after the sell-offs had been shallow, so the bearish pressure is still high despite the extremely oversold market conditions. The momentum is still weak and negative and there is no indication of any trend reversal yet. The next target for bears is seen at the level of 1.0778 and the immediate technical resistance is seen at the levels of 1.0879 and 1.0885 more upside 1.0980 Beware of short-squeeze.
Weekly Pivot Points:
WR3 - 1.1168
WR2 - 1.1131
WR1 - 1.1018
Weekly Pivot - 1.0976
WS1 - 1.0860
WS2 - 1.0819
WS3 - 1.0777
Good luck