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.
