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Technical market overview:
The EUR/USD pair has broken below the 61% of the Fibonacci retracement of the last swing up and is currently hovering around this level. The local low was made at the level of 1.1066. The next technical support is located at the level of 1.1034-1.1027 and breakout below this level opens the road towards the level of 1.0950. The bulls should now defend this zone, but it does not look like they will as the bears have full control over the market. The market conditions are now oversold extremely and the momentum remains weak and negative. The larger timeframe trend remains down.
Weekly Pivot Points:
WR3 - 1.1330
WR2 - 1.1278
WR1 - 1.1161
Weekly Pivot Point - 1.1117
WS1 - 1.1003
WS2 - 1.0951
WS3 - 1.0838
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 treminated 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.
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