Technical Overview:

The EUR/USD pair has finally made a move and this time the bears are in control of the market as the technical support at the level of 1.1343 has been violated. The price has hit the 38% Fibonacci retracement at the level of 1.1323 already and now might be going lower. The next target is seen at the level of 1.1259 (50% Fibonacci retracement) and 1.1260 (61% Fibonacci retracement). The weak and negative momentum support the bearish short-term outlook.

Weekly Pivot Points:

WR3 - 1.1462

WR2 - 1.1438

WR1 - 1.1392

Weekly Pivot - 1.1368

WS1 - 1.1333

WS2 - 1.1302

WS1 - 1.1259

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.