Technical Market Overview:
After the new local high was made at the level of 1.3199 the bears have managed to push the price lower towards the technical support located at the level of 1.3017. This move might be the start of a short-term counter-trend corrective cycle that may lead to a test of the level of 1.2939. Despite the overbought market conditions the momentum is still high and positive, so another leg up might occur shortly.
Weekly Pivot Points:
WR3 - 1.3258
WR2 - 1.3289
WR1 - 1.3204
Weekly Pivot - 1.2969
WS1 - 1.2881
WS2 - 1.2656
WS3 - 1.2581
Trading Recommendations:
The best strategy for current market conditions is to trade with the larger timeframe trend, which is up, so all downward market moves will be treated as local corrections in the uptrend. The key long-term technical support is seen at the level of 1.2231 - 1.2224 and the key long-term technical resistance is located at the level of 1.3512.
