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Technical Overview:
The EUR/USD pair is testing the key technical support at the level of 1.1206 after the Doji candlestick pattern was made around the level of 1.1347 a few days ago. This is very important support and if broken, then the bears might accelerate the sell-off towards the level of 1.1118, another important support. There is virtually nothing between those two levels, so the price can drop like a stone. Please keep an eye on the market behavior at the key support and trade accordingly.
Weekly Pivot Points:
WR3 - 1.1413
WR2 - 1.1376
WR1 - 1.1277
Weekly Pivot - 1.1237
WS1 - 1.1132
WS2 - 1.1096
WS3 - 1.0995
Trading Recommendations:
The best strategy in the current market conditions is to trade in the direction of the main trend, which is now up. All the local pull-backs and corrections should be treated as another opportunity to open the buy orders for a better price. There is a downtrend reversal sign on the weekly time-frame chart, which is why the recent move up might be the beginning of the new uptrend, but it needs confirmation and so far there is no clear confirmation yet.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
