Technical Market Overview:
The EUR/USD pair has made it to 61% of the Fibonacci retracement of the previous wave down and the price is testing the level of 1.1215. This would be a perfect place to terminate the corrective bounce and go back to the downtrend. Any higher movement towards the technical resistance zone located between the levels of 1.220 - 1.227 will increase the odds for the rally towards the swing high at the level of 1.1264 and then the bearish outlook will be invalidated.
Weekly Pivot Points:
WR3 - 1.1382
WR2 - 1.1317
WR1 - 1.1252
Weekly Pivot - 1.1192
WS1 - 1.1128
WS2 - 1.1061
WS3 - 1.0995
Trading Recommendations:
The down move continues, so the best day trading strategy is to short the local upwards corrections at the Fibonacci retracements (like 50% or 61%) or around the technical resistance levels. The target is seen at the wing lows around the level of 1.1112.
