FX.co ★ Technical analysis of EUR/USD for 16/07/2019:

Technical Market Overview:

The EUR/USD pair has again tested the technical resistance located at the level of 1.1269. The local high was made at the level of 1.1285, but the price has made another Pin Bar candlestick formation is it looks like the bears want it to get back into the channel zone. The market conditions are now overbought, but the momentum remains positive, so there is still a chance for a rally (decreasing with every passing hour). The nearest technical support is seen at the level of 1.1224.

Weekly Pivot Points:

WR3 - 1.1406

WR2 - 1.1342

WR1 - 1.1312

Weekly Pivot - 1.1251

WS1 - 1.1222

WS2 - 1.1157

WS3 - 1.1125

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.