Technical Market Overview:

The EUR/USD pair has reversed again from the level of 1.1284 despite the positive momentum and a lack of overbought market conditions. It means the level of 1.1284 is now the key technical resistance and only if violated, the bulls are in control of the market. Otherwise, the price will likely continue to move lower towards the level of 1.1206 and below as the downtrend will continue. The short-term key technical support is the level of 1.1181 and the long-term key technical support is seen at the level of 1.1101.

Weekly Pivot Points:

WR3 - 1.1340

WR2 - 1.1310

WR1 - 1.1257

Weekly Pivot - 1.1229

WS1 - 1.1171

WS2 - 1.1143

WS3 - 1.1089

Trading Recommendations:

The best strategy for the current market conditions is to buy the corrections in anticipation of the uptrend to resume. This strategy is valid as long as the level of 1.1181 is clearly violated. The larget time frame trend is still down, but there are signs of the trend reversal and the Ending Diagonal breakout to the upside.