Technical Market Overview:
The EUR/USD pair has bounced again from the technical support located at the level of 1.1206, so the key support at the level of 1.1181 still has not been violated. The bounce is so far shallow and the price is still under the lower channel boundary. The bulls are testing the local technical resistance located at the level of 1.1237. Any failure here will lead to the reversal and another spike down towards the key technical support level.
Weekly Pivot Points:
WR3 - 1.1406
WR2 - 1.1342
WR1 - 1.1312
Weekly Pivot - 1.1251
WS1 - 1.1222
WS2 - 1.1157
WS3 - 1.1125
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.
