Technical Market Outlook:
The EUR/USD pair has rallied towards the 61% Fibonacci retracement of the previous wave down located at the level of 1.1342, but the bulls were rejected from this level and the market reversed towards the main channel line. If the rally will continue here, then the next target for bulls is seen at the level of 1.1361 and then at 1.1419. The market is bouncing form the oversold conditions and the momentum has broken above its fifty level already, so the odds for another leg up are quite high. Only a sustained breakout above the level of 1.1419 will signal the up trend continuation.
Weekly Pivot Points:
WR3 - 1.1560
WR2 - 1.1485
WR1 - 1.1355
Weekly Pivot - 1.1283
WS1 - 1.1138
WS2 - 1.1066
WS3 - 1.0927
Trading Recommendations:
On the EUR/USD pair, the main long-term trend is down, but the local up trend continues. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336).
