Technical Overview:

The EUR/USD pair has continued the rally towards the level of 1.1343, but so far the local high was made at the level of 1.1318. The market is now consolidating the gains, but due to the strong and positive momentum, the bulls are still capable to move higher. The next target for bulls is seen at the level of 1.1343.

Weekly Pivot Points:

WR3 - 1.1413

WR2 - 1.1376

WR1 - 1.1277

Weekly Pivot - 1.1237

WS1 - 1.1132

WS2 - 1.1096

WS3 - 1.0995

Trading Recommendations:

The best strategy in the current market conditions is to trade in the direction of the main trend, which is now up. All the local pull-backs and corrections should be treated as another opportunity to open the buy orders for a better price. There is a downtrend reversal sign on the weekly time-frame chart, which is why the recent move up might be the beginning of the new uptrend, but it needs confirmation and so far there is no clear confirmation yet.