Technical analysis of EUR/USD for 05.08.2019

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The EUR/USD pair has bounced from the level of 1.1034 and broke through the technical resistance located at the level of 1.1101. The local high was made at the level of 1.1130 and due to the neutral market conditions there is still a room for more upside.

The next target for bulls is seen at the level of 1.1181 and the strong and positive bullish momentum supports this short-term outlook. The larger timeframe trend remains down and there are no signs of any trend reversal yet.

Weekly Pivot Points:
WR3 - 1.1304
WR2 - 1.1233
WR1 - 1.1170

Weekly Pivot - 1.1096
WS1 - 1.1037
WS2 - 1.0957
WS3 - 1.0876

Trading Recommendations:

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.

Technical analysis of EUR/USD for 05.08.2019