Technical Market Overview:
The EUR/USD pair has reversed towards the technical support zone located between the levels of 1.1193 - 1.1206 after the Pin Bar candlestick formations have been made around the level of 1.1285. This technical support is the key long term support and if broken, then the new swing lows can be seen shortly. Please notice the oversold market conditions and weak and negative momentum support the short-term bearish outlook.
Weekly Pivot Points:
WR3 - 1.1406
WR2 - 1.1342
WR1 - 1.1312
Weekly Pivot - 1.1251
WS1 - 1.1222
WS2 - 1.1157
WS3 - 1.1125
Trading recommendations:
The best strategy for the current market conditions is to buy the corrections in anticipation of the uptrend to resume. This strategy is valid as long as the level of 1.1181 is clearly violated. The larget time frame trend is still down, but there are signs of the trend reversal and the Ending Diagonal breakout to the upside.
