Technical Market Outlook:

The EUR/USD pair has tested the lower level of the support range located at 1.1185, but so far the bounce from this level is not very impressive. The oversold market conditions might help the bulls to test the nearest technical resistance located at the level of 1.1236, but they must break through the short-term trend line resistance around the level of 1.1260 in order to regain the control over the market. Any violation of the level of 1.1148 will accelerate the sell-off towards the next technical support seen at 1.0009. So, it is important for bulls to defend this level, but only a sustained violation of the short-term trend line resistance would put them back into control (around the level of 1.1300).

Weekly Pivot Points:

WR3 - 1.1456

WR2 - 1.1397

WR1 - 1.1266

Weekly Pivot - 1.1215

WS1 - 1.1074

WS2 - 1.1031

WS3 - 1.0903

Trading Recommendations:

On the EUR/USD pair, the main long-term trend is down, but the local up trend continues. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336).