Technical Market Outlook:

The EUR/USD pair has invalidated the Double Bottom price pattern and made another lower low at the level of 1.1190. Since then the was hardly a bounce as the bears are still in control over the market and might extend the drop to the level of 1.1148. This is the line in sand for bulls as any sustained violation of the level of 1.1148 will lead to a bigger sell-off towards the level of 1.1009. 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 - 1.1560

WR2 - 1.1485

WR1 - 1.1355

Weekly Pivot - 1.1283

WS1 - 1.1138

WS2 - 1.1066

WS3 - 1.0927

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).