Technical Market Overview:
The EUR/USD market has made a new local low at the level of 1.1101, so the key technical support has been clearly violated. In order to bounce higher, the bulls have to break through at least the technical resistance at the level of 1.1181. If they won't, the next target is seen at the level of 1.0821 and it might be hit very soon as the momentum is weak and negative. The bears are in full control of the market despite the oversold conditions. No signs of the short-term trend reversal yet.
Weekly Pivot Points:
WR3 - 1.1340
WR2 - 1.1310
WR1 - 1.1257
Weekly Pivot - 1.1229
WS1 - 1.1171
WS2 - 1.1143
WS3 - 1.1089
Trading Recommendations:
After the level of 1.1181 gas been violated, the best strategy for the current market conditions is to trade with the larger timeframe trend, which is still down. The Ending Diagonal pattern has not been finished yet and the bears are in full control of the market. The longer-term target is seen at the level of 1.0814.
