Technical Market Overview:
After three tests of the support at the level of 1.1112, the EUR/USD bulls decided to bounce a little bit higher, possibly towards the upper range border at the level of 1.1181. The momentum is positive and there are no signs of a trend reversal. Even if the bulls will manage to 1.1181, this moves up will be considered as a local correction inside of a downtrend. The next target for bears is located at the level of 1.1023.
Weekly Pivot Points:
WR3 - 1.1307
WR2- 1.1265
WR1 - 1.1188
Weekly Pivot - 1.1140
WS1 - 1.1055
WS2 - 1.1016
WS3 - 1.0927
Trading recommendations:
After the level of 1.1181 gas been violated, the best strategy for the current market conditions is to trade with the larger timeframe trend, which is still down. The Ending Diagonal pattern has not been finished yet and the bears are in full control of the market. The longer-term target is seen at the level of 1.0814, from where the traders can expect a larger rebound.
