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Technical Market Overview:
After making a new local high in the overbought market conditions at the level of 1.1109, the EUR/USD pair has retraced 61% of the move up and so far hit the level of 1.0997. The nearest support is seen at the level of 1.0978 and if violated, the move down might accelerate towards the key technical support located at the level of 1.0926. In order to continue the move up, the bulls must break through the technical resistance at the level of 1.1027 - 1.1034 and head towards the level of 1.1091 again.
Weekly Pivot Points:
WR3 - 1.1336
WR2 - 1.1226
WR1 - 1.1152
Weekly Pivot - 1.1040
WS1 - 1.0980
WS2 - 1.0859
WS3 - 1.0789
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 1.0926 and the technical resistance at the level of 1.1267.
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