Technical Market Overview:
The EUR/USD pair is about to hit the level of 1.0926 after the local technical supports located at the levels of 1.0978 and 1.0964 had been violated. The key technical support is located at the level of 1.0926 and if violated, then the impulsive wave scenario will be invalidated. Please notice, the market conditions are now close to become oversold, but the RSI is weak and negative, which supports the short-term bearish scenario. The larger timeframe chart is still bearish.
Weekly Pivot Points:
WR3 - 1.1151
WR2 - 1.1121
WR1 - 1.1056
Weekly Pivot - 1.1026
WS1 - 1.0965
WS2 - 1.0930
WS3 - 1.0867
Trading recommendations:
The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. The downtrend is valid as long as it is terminated or the level of 1.1445 clearly violated. There is an Ending Diagonal price pattern visible on the larget timeframes that indicate a possible downtrend termination soon. The key short-term levels are technical support at the level of 1.0926 and the technical resistance at the level of 1.1267.
