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Technical Market Overview:
The EUR/USD pair has been consolidating in a narrow range after failed rally above the technical resistance located at the level of 1.1091. The price broke out of the local consolidation zone and after the breakout, the low was made at the level of 1.1014 as the bears are clearly in control of the market now and they are getting closer to the 61% Fibonacci retracement again. The next target for bears is seen at the level of 1.0999 - 1.0991, which is the key technical support for bulls. Please notice, that the negative momentum supports the short-term bearish outlook. The larger time-frame trend remains down.
Weekly Pivot Points:
WR3 - 1.1143
WR2 - 1.1119
WR1 - 1.1059
Weekly Pivot - 1.1036
WS1 - 1.0979
WS2 - 1.0950
WS3 - 1.0894
Trading Recommendations: The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. The downtrend is valid as long as it is terminated or the level of 1.1445 clearly violated. There is an Ending Diagonal price pattern visible on the larget timeframes that indicate a possible downtrend termination soon. The key short-term levels are technical support at the level of 1.0999 and the technical resistance at the level of 1.1267.
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