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Technical Market Outlook:
The EUR/USD pair has been rallying for the whole week and finally, the main channel upper line has been tested and violated around the level of 1.0991. The local high was made at the level of 1.1006 at the time of writing the article, but even after the impressive rebound, the price is still trading below the last swing located at the level of 1.1091, so the rally might be corrective in nature. The market conditions are now overbought despite the positive and strong momentum, so the downtrend might start to be continued any time soon.
Weekly Pivot Points:
WR3 - 1.0954
WR2 - 1.0908
WR1 - 1.0871
Weekly Pivot - 1.0825
WS1 - 1.0787
WS2 - 1.0735
WS3 - 1.0693
Trading recommendations:
The best strategy for current market conditions is the same as it was for recent months: 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 larger timeframes like weekly, which indicates a possible downtrend termination soon. The key short-term levels are technical support at the level of 1.0981 and the technical resistance at the level of 1.1267.
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