Technical Market Overview:

The EUR/USD pair is still moving down as the short-term and long-term downtrend continues. The pair has made a new lower low at the level of 1.0981, so the recent key technical support has been violated. Currently, the market is trying to bounce higher, but the bulls were capped just at the nearest technical resistance located at the level of 1.1024. The momentum is picking up from the negative zone, so there is a possibility of an extended move towards the level of 1.1052.

Weekly Pivot Points:

WR3 - 1.1094

WR2 - 1.1060

WS3 - 1.1043

Weekly Pivot - 1.1010

WS1 - 1.0991

WS2 - 1.0960

WS3 - 1.0945

Technical 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.