Technical Market Overview:

All the yesterday's target for the corrective wave down had been hit, but the bears were relentless and pushed the price even lower towards the level of 1.2848. This technical support level corresponds with a main channel lower line, so the price might get some support here and bounce. The overall corrective cycle had been very aggressive so far and it might last a little bit longer as the market is not in oversold conditions just yet. The next target for bears is seen at the level of 1.2823 and 1.2786.

Weekly Pivot Points:

WR3 - 1.3258

WR2 - 1.3289

WR1 - 1.3204

Weekly Pivot - 1.2969

WS1 - 1.2881

WS2 - 1.2656

WS3 - 1.2581

Trading Recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is up, so all downward market moves will be treated as local corrections in the uptrend. The key long-term technical support is seen at the level of 1.2231 - 1.2224 and the key long-term technical resistance is located at the level of 1.3512.