Technical Market Outlook:
The EUR/USD pair has made a local high at the level of 1.1287 before the Bearish Engulfing pattern had been made. For now, the market is consolidating in a narrow range between the levels of 1.1215 - 1.1251, but the bearish pressure is still present on chart, so if bulls will not violate the nearest technical resistance located at the level of 1.1282-1.1290, then the swing top located at 1.1419 will not be hit. On the other hand, any violation of the level of 1.1236 makes the rally towards the swing low located at the level of 1.1168 highly possible, so please keep an eye on the current developments at this market. Please notice the overbought market conditions and weak momentum support the short-term bullish outlook.
Weekly Pivot Points:
WR3 - 1.1484
WR2 - 1.1410
WR1 - 1.1289
Weekly Pivot - 1.1235
WS1 - 1.1124
WS2 - 1.1056
WS3 - 1.0936
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).
