FX.co ★ Technical analysis of EUR/USD for 24.07.2019

Technical Market Overview:

The EUR/USD pair has made a new low at the level of 1.1140 (at the time of writing) after the technical support located at the level of 1.1181 has been violated. The next target is seen at the level of 1.1103 and it might be hit very soon as the momentum is weak and negative. The bears are in full control of the market despite the oversold conditions. No signs of the short-term trend reversal yet.

Weekly Pivot Points:

WR3 - 1.1340

WR2 - 1.1310

WR1 - 1.1257

Weekly Pivot - 1.1229

WS1 - 1.1171

WS2 - 1.1143

WS3 - 1.1089

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.