17.10.201905:02 Forex Analysis & Reviews: Technical analysis of EUR/USD for 17/10/2019

Technical market overview:

After the successful test of the technical support located at the level of 1.0999, the EUR/USD pair moved higher towards the key technical resistance that is being tested now. The bulls have managed to hit the level of 1.1084 despite the overbought market conditions. If the level of 1.1091 is clearly violated, then the next target for bulls is seen at the level of 1.1109 or even 1.1160. The immediate support is still located at the level of 1.1062 and the key technical support is seen at the level of 1.0999. Please remember, that the higher timeframe trend is still bearish.

Weekly Pivot Points:

WR3 - 1.1211

WR2 - 1.1133

WR1 - 1.1093

Weekly Pivot - 1.1014

WS1 - 1.0971

WS2 - 1.0893

WS3 - 1.0849

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 1.0999 and the technical resistance at the level of 1.1267.