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Technical Market Overview:
The full retreat on the EUR/USD pair continues as the price almost hit the key short-term technical support located at the level of 1.1105. All the gains from the last week are almost erased and now the key question is whether the bears will break back under the level or 1.1100 or the price will bounce again? The current technical pattern is very similar to the Diagonal pattern on the larger timefres, so the price might be getting ready to break put of the Diagonal as well. Moreover, the down trend is still present on the larger timeframes and there are no signs of downtrend reversal yet.
Weekly Pivot Points:
WR3 - 1.1355
WR2 - 1.2080
WR1 - 1.1254
Weekly Pivot - 1.1180
WS1 - 1.1146
WS2 - 1.1076
WS3 - 1.1043
Trading Recommendations:
The best strategy for the current market conditions is to sell the up move near the technical resistance around the level of 1.1174. All the open sell orders should set the take profit at the level of 1.1111. The larger timeframe trend is still down, so the trade at the short term timeframe will be in line with the downtrend.
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