Technical Market Outlook:
The Bearish Engulfing candlestick pattern at the top of the EUR/USD last rally has forced bulls to pull-back towards the technical support located at the level of 1.1300, but the retreat did not last long. The bulls have manage to push the price through the supply zone located between the levels of 1.1347 - 1.1361 and made a new local high at the level of 1.1370 (at the time of writing the analysis). This might not be the peak of the bullish rally as there is still room for the price and the momentum is not yet in overbought zone. The next target is seen at the level of 1.1406. The immediate support is located at the level of 1.1326.
Weekly Pivot Points:
WR3 - 1.2879
WR2 - 1.2698
WR1 - 1.2610
Weekly Pivot - 1.2423
WS1 - 1.2323
WS2 - 1.2148
WS3 - 1.2056
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).
