Technical Market Overview:
The EUR/USD pair has reversed again from the level of 1.1284 despite the positive momentum and a lack of overbought market conditions. It means the level of 1.1284 is now the key technical resistance and only if violated, the bulls are in control of the market. Otherwise, the price will likely continue to move lower towards the level of 1.1206 and below as the downtrend will continue. The short-term key technical support is the level of 1.1181 and the long-term key technical support is seen at the level of 1.1101.
Weekly Pivot Points:
WR3 - 1.1340
WR2 - 1.1310
WR1 - 1.1257
Weekly Pivot - 1.1229
WS1 - 1.1171
WS2 - 1.1143
WS3 - 1.1089
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.
