Technical Overview:

The EUR/USD pair has broken through the technical support at the level of 1.1206 and made a new local low at the level of 1.1181. The market is now moving inside of a descending channel and the bears aim for the level of 1.1118. As long as the price stays under the technical resistance at the level of 1.1250 and under the short-term trendline, the outlook remains bearish.

Weekly Pivot Points:

WR3 - 1.1413

WR2 - 1.1376

WR1 - 1.1277

Weekly Pivot - 1.1237

WS1 - 1.1132

WS2 - 1.1096

WS3 - 1.0995

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, but it needs confirmation and so far there is no clear confirmation yet