Technical Market Overview:
The EUR/USD pair has made another local high at the level of 1.1096 which was just above the key technical resistance located at the level of 1.1091, but the bears were able to push the price back to the trading range. It was the second attempt to rally and it did not succeed either. The immediate technical support is seen at the level of 1.1052 and if violated, then the next target for bears is seen at the level of 1.1029.
Weekly Pivot Points:
WR3 - 1.1148
WR2 - 1.1102
WR1 - 1.1085
Weekly Pivot - 1.1036
WS1 - 1.1017
WS2 - 1.0968
WS3 - 1.0949
Trading Recommendations:
The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. The downtrend is valid as long as it is terminated or the level of 1.1445 clearly violated. There is an Ending Diagonal price pattern visible on the larget timeframes that indicate a possible downtrend termination soon. The key short-term levels are technical support at the level of 1.0999 and the technical resistance at the level of 1.1267.
