Technical Market Overview:
The EUR/USD pair went down from the local top at the level of 1.1239 to the level of 61% Fibonacci retracement located at the level of 1.1131. The bounce from this level has hit the local technical resistance at the level of 1.1179 and currently, the market is trading around this level. If this level is not clearly violated soon, then the bears will continue the sell-off towards the nearest technical support located at the level of 1.1106 - 1.1091.
Weekly Pivot Points:
WR3 - 1.1326
WR2 - 1.1283
WR1 - 1.1212
Weekly Pivot - 1.1166
WS1 - 1.1101
WS2 - 1.1048
WS3 - 1.0979
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.
