Technical Market Overview:
The EUR/USD pair has broken below the technical support located between the levels of 1.1167 - 1.1173 and made a new local low at the level of 1.1153. Despite the oversold market conditions, the bears are pushing the price lower towards the next technical support located at the level of 1.1111. The short-term outlook remains bearish and there is no signs or any trend reversal for now.
Weekly Pivot Points:
WR3 - 1.1317
WR2- 1.1287
WR1 - 1.1208
Weekly Pivot - 1.1178
WS1 - 1.1099
WS2 - 1.1069
WS3 - 1.0986
Trading Recommendations:
The best trading strategy in the current market conditions is to sell the local pull-backs with a tight protective stop loss. Due to the oversold market conditions please pay attention to the candlestick trend reversal patterns and market trend reversal patterns.
