Technical Market Overview:
The EUR/USD bulls push the prices towards the level of 1.1497, after the level of 1.12050 had been violated. The Bearish Engulfing candlestick pattern has been made at this level as well, which indicates a possible trend reversal or a temporary correction on EUR/USD. Moreover, there is a clear bearish divergence between the price and momentum oscillator in overbought market conditions, so the move down might occur any time now. Please keep an eye on the technical level located at 1.1361 - 1.1340.
Weekly Pivot Points:
WR3 - 1.1782
WR2 - 1.1563
WR1 - 1.1471
Weekly Pivot - 1.1255
WS1 - 1.1146
WS2 - 1.0916
WS3 - 1.0820
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.
