Technical Market Overview:

The EUR/USD pair is still trading above the key technical support at the level of 1.1108 that has been tested three times already. The short-term bounce from this level did not change the difficult situation for bulls as the spike up was not even able to break through the technical resistance at the level of 1.1181. The momentum is still weak and negative and there are no signs of a trend reversal. 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.