Technical Market Overview:
The EUR/USD pair has bounced from the level of 1.1193 and tested the first technical resistance located at the level of 1.1269. The local high was made at the level of 1.1285, but the bulls are not trying enough to continue the rally. Instead, the price wants to get back into the channel zone in order to test another technical resistance located at the level of 1.1311. The market conditions are now overbought, but the momentum remains positive, so there is still a chance for a rally. The nearest technical support is seen at the level of 1.1224.
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.
