Technical Market Overview:
The EUR/USD pair failed to break through the dynamic trendline resistance located around the level of 1.1215 and reversed towards the level of 1.1174 which is technical support for the price. The market conditions are now overbought and the momentum is pointing to the downside, so the indicators support the short-term bearish outlook. The line in the sand for bulls is the support at the level of 1.1167 and any breakout lower will accelerate the sell-off towards the level of 1.1111 again.
Weekly Pivot Points:
WR3 - 1.1355
WR2 - 1.2080
WR1 - 1.1254
Weekly Pivot - 1.1180
WS1 - 1.1146
WS2 - 1.1076
WS3 - 1.1043
Trading Recommendations:
The best strategy for the current market conditions is to sell the up move near the technical resistance around the level of 1.2020. The larger timeframe trend is still down, so the trade at the short term timeframe will be in line with the downtrend.
