Technical analysis of EUR/USD for 01/08/2019:

Technical analysis of EUR/USD for 01/08/2019:

Technical Market Overview:

The EUR/USD did not make it to the technical resistance at the level of 1.1181 and reversed quickly towards the technical support at 1.1101 that has been broken. The local low was made at the level of 1.1034 after the breakout was still unfolding. 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. 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. 

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