17.07.201907:15 Forex Analysis & Reviews: Technical analysis of EUR/USD for 17/07/2019:

Technical Market Overview:

The EUR/USD pair has reversed towards the technical support zone located between the levels of 1.1193 - 1.1206 after the Pin Bar candlestick formations have been made around the level of 1.1285. This technical support is the key long term support and if broken, then the new swing lows can be seen shortly. Please notice the oversold market conditions and weak and negative momentum support the short-term bearish outlook.

Weekly Pivot Points:

WR3 - 1.1406

WR2 - 1.1342

WR1 - 1.1312

Weekly Pivot - 1.1251

WS1 - 1.1222

WS2 - 1.1157

WS3 - 1.1125

Trading recommendations:

The best strategy for the current market conditions is to buy the corrections in anticipation of the uptrend to resume. This strategy is valid as long as the level of 1.1181 is clearly violated. The larget time frame trend is still down, but there are signs of the trend reversal and the Ending Diagonal breakout to the upside.