09.12.201909:58 Forex Analysis & Reviews: Technical analysis of EUR/USD for 09/12/2019:

Technical Market Overview:

Since the last drop from the level of 1.1116 after the Bearish Engulfing candlestick pattern was made, the EUR/USD market continues to trade lower, around the level of 1.1060. Currently, the bulls are trying to test the local technical resistance located at the level of 1.1064 and if the resistance is broken, then the next target is seen at the level of 1.1072 and 1.1087. Otherwise, the bears will take control over the market again and push the prices lower, towards the technical support located at the level of 1.1024. Please notice the negative momentum and market coming off the overbought conditions at this timeframe.

Weekly Pivot Points:

WR3 - 1.1223

WR2 - 1.1169

WR1 - 1.1113

Weekly Pivot - 1.1058

WS1 - 1.1004

WS2 - 1.0947

WS3 - 1.0888

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.