Technical Market Overview:
On the EUR/USD the bears have managed to push the prices lower towards the nearest technical support, but this level never been hit and the price bounced from the level of 1.1173 (low at 1.1167). Since that time the price is trading in a horizontal range between the levels of 1.1167 - 1.1215 and the traders are waiting for a breakout in either direction. The momentum indicator is now hovering around the level of fifty, so the market conditions are neutral and none the bulls nor bears have control over the market now. Please notice, the larger time frame trend remains bearish.
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.
