Technical Market Overview:
The EUR/USD pair has bounced from the level of 1.1173 and is slowly moving higher towards the technical resistance located at the level of 1.1264. The move up is not impulsive, but it is still corrective in nature, so it is not the beginning of an uptrend, but the continuation of the previous cycle. Only a sustained and impulsive breakout through the technical resistance zone located between the levels of 1.1264 - 1.1273 would change the outlook from bearish to bullish.
Weekly Pivot Points:
WR3 - 1.1359
WR2 - 1.1302
WR1 - 1.1271
Weekly Pivot - 1.1201
WS1 - 1.1184
WS2 - 1.1129
WS3 - 1.1099
Trading Recommendations:
The market is moving inside of the trading range between the levels of 1.1264 - 1.1173, so the best trading strategy for daytraders is to trade the oversold/overbought trading conditions using an oscillator like Stochastic until the breakout occurs. Please pay attention to the price action signs of reversal and candlestick patterns at the range support and range resistance to confirm the level for the trading position.
