Technical Market Overview:
The EUR/USD has strongly moved up, breaking all the technical support levels on its way. The local high was made at the level of 1.1261, just below the key technical resistance zone located between the levels of 1.1264 - 1.1274. Any breakout through this zone will change the temporary outlook from bearish to bullish. Please notice, that despite such a big move up the pair is still trading inside of the consolidation zone and the key technical resistance zone must be clearly and impulsively violated to continue the move up.
Weekly Pivot Points:
WR3 - 1.1310
WR2 - 1.1261
WR1 - 1.1211
Weekly Pivot - 1.1159
WS1 - 1.1114
WS2 - 1.1061
WS3 - 1.1012
Trading Recommendations:
The best strategy in the current market conditions is to trade in the overbought and oversold market conditions as long as the price is moving inside of the consolidation zone. Any breakout in either direction (the larger time frame trend is down) will eventually give the direction for the short-term trend move and this is when the strategy for a breakout will be applicable.
