Technical Market Overview:
Despite the new local low at the level of 1.1108, the EUR/USD pair managed to bounce significantly and the huge Pin Bar candle has been made. This move up has broken above the technical resistance at the level of 1.1167 - 1.1176 and moved higher towards the dynamic trendline resistance. The trendline is now being tested around the level of 1.1210 and so fat the Gravestone Doji candlestick pattern has been made under the trendline, which means the move up might be terminated. If not, then the next target for bulls is seen at the level of 1.2020-1.2027.
Weekly Pivot Points:
WR3 - 1.1355
WR2 - 1.2080
WR1 - 1.1254
Weekly Pivot - 1.1180
WS1 - 1.1146
WS2 - 1.1076
WS3 - 1.1043
Trading Recommendations:
The best strategy for the current market conditions is to sell the up move near the technical resistance around the level of 1.2020. The larger timeframe trend is still down, so the trade at the short term timeframe will be in line with the down trend.
