Technical analysis of EUR/USD for 11/07/2019:

Technical analysis of EUR/USD for 11/07/2019:

Technical Market Overview:

The EUR/USD pair has bounced from the technical support located at the level of 1.1193, so the key technical support at 1.1181 had been saved so far. The bulls have managed to push the price above the technical resistance at the level of 1.1269, but they have been capped by the lower channel boundary around the level of 1.1280. The momentum is positive, but the main trend is still to the downside despite the possible Ending Diagonal formation visible on the higher time-frames. It is worth to keep an eye on the EUR/UDS pair at the current price level and wait for the outcome.

Weekly Pivot Points:

WR3 – 1.1467

WR2 – 1.1414

WR1 – 1.1302

Weekly Pivot – 1.1251

WS1 – 1.1141

WS2 – 1.1087

WS3 – 1.0908

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. 

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