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Technical Market Overview:
The EUR/USD pair has bounced from the 61% Fibonacci retracement located at the level of 1.0994 and the bulls have managed to push the prices towards the level of 1.1064. This is the key technical resistance for bears and the price is now hovering around it. If the bulls will break through it, then the next targets are seen at the levels of 1.1072, 1.1075, 1.1084 and 1.1091. The momentum remains strong and positive despite the overbought market conditions at the H4 timeframe. The larget timeframe trend remains down.
Weekly Pivot Points:
WR3 - 1.1148
WR2 - 1.1102
WR1 - 1.1085
Weekly Pivot - 1.1036
WS1 - 1.1017
WS2 - 1.0968
WS3 - 1.0949
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.
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