Technical Market Overview:
The EUR/USD pair bounced off the technical support level located at 1.0942 and currently is trading close to the key short-term technical resistance located at the level of 1.0999. The bulls might decide to push the prices higher anyway as the market is still in a short-term descending channel. The momentum is still strong and positive, which supports the short-term bullish outlook and the technical support located at the level of 1.0942 should hold the bears in a case of another leg down. Please remember, that the higher timeframe trend is still bearish.
Weekly Pivot Points:
WR3 - 1.1156
WR2 - 1.1079
WR1 - 1.1037
Weekly Pivot - 1.0957
WS1 - 1.0918
WS2 - 1.0839
WS3 - 1.0797
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.
