Technical Market Overview:
The EUR/USD pair is trading in a narrow horizontal range located between the levels of 1.1065 - 1.1210. The market conditions are oversold on the H4 timeframe with momentum oscillating around the neutral level. The next target for bulls is seen at the level of 1.1250 and with increasing momentum on this timeframe, the odds are high. The key technical support is located at the level of 1.1070. Please notice the trendline support around the level of 1.1065 (marked in black), which is the additional key support holding the bearish attacks.
Weekly Pivot Points:
WR3 - 1.1749
WR2 - 1.1625
WR1 - 1.1316
Weekly Pivot - 1.1171
WS1 - 1.0880
WS2 - 1.0735
WS3 - 1.0438
Trading Recommendations:
The downtrend was valid as long as it was terminated or the level of 1.1445 clearly violated, so now all upward moves will not be treated as local corrections in the downtrend, but as a new uptrend. The Ending Diagonal price pattern visible on the larger timeframes like weekly has been completed and the EUR/USD is developing a new wave up.
