Technical market overview:
The EUR/USD pair has broken above the technical resistance zone between the levels of 1.1406 - 1.1419, but reversed suddenly and tested the local technical support at the level of 1.1361 with a low at 1.1343. The momentum remains positive, but the market conditions are now overbought and if there is no impulsive move higher above the level of 1.1447, the bears might take the control over the market and push the prices lower again. The next technical support is seen at the level of 1.1294.
Weekly Pivot Points:
WR3 - 1.1502
WR2 - 1.1422
WR1 - 1.1372
Weekly Pivot - 1.1287
WS1 - 1.1251
WS2 - 1.1168
WS3 - 1.1131
Trading recommendations:
The recent news driven a spike up has blurred the picture and the bearish bias has been invalidated as the price might be making another leg up in the bigger corrective move. As long as the level of 1.1343 is not clearly violated again, global investors should open long orders during the local pullbacks.
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