Technical Market Overview:

The EUR/USD pair has made another lower low on its way down at the level of 1.1268. The volatility is very limited as the price moves do not have a decent range, but the momentum is clearly below the neutral level and is pointing down, so the next target for bears is seen at the level of 1.1250. The key technical support levels are 1.1206, 1.1215 1.1224 and any violation of these levels will open the road towards the lower supports located at 1.1118.

Weekly Pivot Points:

WR3 - 1.1598

WR2 - 1.1464

WR1 - 1.1422

Weekly Pivot Point: 1.1290

WS1 - 1.1228

WS2 - 1.1091

WS3 - 1.1040

Trading Recommendations:

The best strategy in the current market conditions is to trade in the direction of the main trend, which is now up. All the local pull-backs and corrections should be treated as another opportunity to open the buy orders for a better price. There is a downtrend reversal sign on the weekly time-frame chart, which is why the recent move up might be the beginning of the new uptrend.