Technical Market Overview:

The EUR/USD pair has made a local low at the level of 1.1034. The next target for bears is located at the level of 1.1023. The trend is still down and there are no signs of a trend reversal, but recently the bulls had stared a bounce from the level of 1.1034. They did not make it to the level of 1.1101 yet, but it is still possible for the price to test this level. Please notice the market makes lower lows despite the oversold conditions. The momentum remains weak and negative but might spike up during the bounce period.

Weekly Pivot Points:

WR3 - 1.1307

WR2- 1.1265

WR1 - 1.1188

Weekly Pivot - 1.1140

WS1 - 1.1055

WS2 - 1.1016

WS3 - 1.0927

Trading recommendations:

After the level of 1.1181 gas been violated, the best strategy for the current market conditions is to trade with the larger timeframe trend, which is still down. The Ending Diagonal pattern has not been finished yet and the bears are in full control of the market. The longer-term target is seen at the level of 1.0814, from where the traders can expect a larger rebound.