Technical Market Overview:
The EUR/USD market has moved lower towards the dynamic trendline support located around the level of 1.1178 and is currently testing this zone together with the technical support located at the level of 1.1167. Any violation of this support might lead to another leg down towards the level of 1.1118 - 1.1111 which is the lower boundary of the horizontal correction zone. There is no signs of any local trend reversal and the bears still have control over the market.
Weekly Pivot Points:
WR3 - 1.1359
WR2 - 1.1302
WR1 - 1.1271
Weekly Pivot - 1.1201
WS1 - 1.1184
WS2 - 1.1129
WS3 - 1.1099
Trading Recommendations:
The market is moving inside of the trading range between the levels of 1.1264 - 1.1167, so the best trading strategy for daytraders is to trade the oversold/overbought trading conditions using an oscillator like Stochastic until the breakout occurs. Please pay attention to the price action signs of reversal and candlestick patterns at the range support and range resistance to confirm the level for the trading position. If the level of 1.1167 is violated the price will move lower towards the level of 1.1111.
