Technical Market Overview:
The EUR/USD has bounced again from the technical support at the level of 1.1118 after the Pin Bar candlestick was made. The oversold market conditions helped the bulls to move the price above the local resistance at the level of 1.1176 and the local high was made at the level of 1.1190. Anyway, the market is still moving inside the trading range between the levels of 1.1118 - 1.1215, but the momentum has picked up recently, which might indicate stronger than usual bounce towards the level of 1.1265. As long as the price is trading inside of the consolidation zone, the outlook remains neutral. The larger time frame trend is still down.
Weekly Pivot Points:
WR3 - 1.1310
WR2 - 1.1261
WR1 - 1.1211
Weekly Pivot - 1.1159
WS1 - 1.1114
WS2 - 1.1061
WS3 - 1.1012
Trading Recommendations:
The best strategy in the current market conditions is to trade in the overbought and oversold market conditions as long as the price is moving inside of the consolidation zone. Any breakout in either direction (the larger time frame trend is down) will eventually give the direction for the short-term trend move and this is when the strategy for a breakout will be applicable.
