Technical Market Overview:
The EUR/USD pair is still trading above the key technical support at the level of 1.1108. The short-term bounce from this level did not change the difficult situation for bulls as the spike up was not even able to break through the technical resistance at the level of 1.1181. The momentum is still weak and negative and there are no signs of a trend reversal. The next target for bears is located at the level of 1.1023.
Weekly Pivot Points:
WR3 - 1.1307
WR2- 1.1265
WR1 - 1.1188
Weekly Pivot - 1.1140
WS1 - 1.1055
WS2 - 1.1016
WS3 - 1.0927
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, from where the traders can expect a larger rebound.
