Technical Market Overview:
The bulls at the EUR/USD pair have hit the anticipated target at the level of 1.1175 (100% of the Fibonacci extension) and even made a new local high at the level of 1.1199. Currently, the nearest technical support is located at the level of 1.1144 and the key technical support is seen at the level of 1.1040. The strong and positive momentum supports even another move up, but the larger timeframe trend remains bearish.
Weekly Pivot Points:
WR3 - 1.1223
WR2 - 1.1169
WR1 - 1.1113
Weekly Pivot - 1.1058
WS1 - 1.1004
WS2 - 1.0947
WS3 - 1.0888
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 1.1040 and the technical resistance at the level of 1.1267.
