Technical Market Outlook:
The EUR/USD pair has been trading inside of a narrow range located between the levels of 1.0635 - 1.0778 during the weekend and currently the bulls are trying to test the upper levels of the range. Any violation of the level of 1.0778 will open the road towards the next technical resistance located at the level of 1.0831. The key technical resistance is still seen at the level of 1.1000. Please notice the extremely oversold market conditions on the H4 time frame chart and weak and negative momentum. The downtrend continues.
Weekly Pivot Points:
WR3 - 1.1581
WR2 - 1.1403
WR1 - 1.0979
Weekly Pivot - 1.0796
WS1 - 1.0386
WS2 - 1.0200
WS3 - 0.9765
Trading Recommendations:
The downtrend is still a valid trend as long as the level of 1.1540 is clearly violated. All upward moves will be treated as local corrections in the downtrend. The long-term target for bears is seen at the level of 1.0339 and the long-term target for bulls is a new high above the level of 1.2555.
