Technical Market Outlook:
The EUR/USD pair has broken out from the ascending channel around the level of 1.2220 and made a new local low at the level of 1.2130. The short-term demand zone located between the levels of 1.2154 - 1.2177 has been violated and will no longer be effective. The next technical support is seen at the level of 1.2088. Please notice, the market is coming off the overbought conditions and the momentum is already below the neutral level of fifty, so the deeper pull-back might develop soon.
Weekly Pivot Points:
WR3 - 1.2470
WR2 - 1.2364
WR1 - 1.2314
Weekly Pivot - 1.2216
WS1 - 1.2157
WS2 - 1.2054
WS3 - 1.2003
Trading Recommendations:
Since the middle of March 2020 the main trend is on EUR/USD pair has been up. This means any local corrections should be used to buy the dips until the key technical support is broken. The key long-term technical support is seen at the level of 1.1609. The key long-term technical resistance is seen at the level of 1.2555.
