Technical analysis of EUR/USD for 16.07.2019

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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.

Technical analysis of EUR/USD for 16.07.2019