Technical Market Overview:
The EUR/USD did not make it to the technical resistance at the level of 1.1181 and reversed quickly towards the technical support at 1.1101 that has been broken. The local low was made at the level of 1.1034 after the breakout was still unfolding. The next target for bears is located at the level of 1.1023. The trend is still down and there are no signs of a trend reversal.
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.
