Technical Market Overview:
The EUR/USD pair has broken below the technical support located at the level of 1.1206 and made a new low at the level of 1.1193, so it is getting closer to the key technical support at the level of 1.1181. The nearest technical resistance is seen at the level of 1.1215. The momentum remains weak and negative, but due to the extremely oversold market conditions, there is a pull-back possibility towards the level of 1.1268. Nevertheless, the main trend is still to the downside despite the possible Ending Diagonal formation visible on the higher time-frames.
Weekly Pivot Points:
WR3 - 1.1467
WR2 - 1.1414
WR1 - 1.1302
Weekly Pivot - 1.1251
WS1 - 1.1141
WS2 - 1.1087
WS3 - 1.0908
Trading Recommendations:
The best strategy for the current market conditions is to buy the corrections in anticipation of the uptrend to resume. This strategy is valid as long as the level of 1.1181 is clearly violated. The larget time frame trend is still down, but there are signs of the trend reversal and the Ending Diagonal breakout to the upside.
