Technical analysis of EUR/USD for 09/07/2019:

Technical Market Overview:

The EUR/USD pair has tested the technical support at the level of 1.1206 twice already, but no breakout below occurred so far. The price is getting closer to the level of 1.1181, which is the key technical support for the market. The nearest technical resistance is seen at the level of 1.1250.The momentum remains weak and negative, but due to the extremely oversold market conditions, there is a pull-back possibility towards the level of 1.1268. Nevertheless, the main trend is still to the downside despite the possible Ending Diagonal formation visible on the higher time-frames.

Weekly Pivot Points:

WR3 - 1.1467

WR2 - 1.1414

WR1 - 1.1302

Weekly Pivot - 1.1251

WS1 - 1.1141

WS2 - 1.1087

WS3 - 1.0908

Trading Recommendations:

The best strategy for the current market conditions is to buy the corrections in anticipation of the uptrend to resume. This strategy is valid as long as the level of 1.1181 is clearly violated. The larget time frame trend is still down, but there are signs of the trend reversal and the Ending Diagonal breakout to the upside.

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The material has been provided by InstaForex Company - www.instaforex.com