Technical Market Overview:

After three tests of the support at the level of 1.1112, the EUR/USD bulls decided to bounce a little bit higher, possibly towards the upper range border at the level of 1.1181. The momentum is positive and there are no signs of a trend reversal. Even if the bulls will manage to 1.1181, this moves up will be considered as a local correction inside of a downtrend. The next target for bears is located at the level of 1.1023.

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.