Technical Market Overview:
The EUR/USD pair is getting ready to test the key technical support at the level of 1.1108 and the result might be severe if the bears will break through this level. The momentum is still weak and negative, but so are the market conditions (extremely oversold). Despite these conditions, the price might make another lower low before any meaningful bounce will occur. The next target for bears is seen at the level of 1.1027.
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 1.1174. All the open sell orders should set the take profit at the level of 1.1111. The larger timeframe trend is still down, so the trade at the short term timeframe will be in line with the downtrend.
