Technical Market Outlook:
The EUR/USD pair has been moving up since the market opened after the weekend. The new temporary swing high was made at the level of 1.1725 after the market had broken out from the ascending channel. This price behavior might indicate up trend acceleration towards the 61% Fibonacci retracement of the last big wave down seen at the weekly time frame chart located at the level of 1.1822. However, the nearest support is seen at the level of 1.1655 and 1.1648. Please notice the overbought market conditions which might result in a temporary pull-back lower.
Weekly Pivot Points:
WR3 - 1.2024
WR2 - 1.1839
WR1 - 1.1768
Weekly Pivot - 1.1582
WS1 - 1.1509
WS2 - 1.1334
WS3 - 1.1257
Trading Recommendations:
The key long-term technical resistance is seen at the level of 1.1540 has been violated, so the EUR/USD pair confirmed the up trend. The next targets in the long-term are seen at the levels of 1.1813 - 1.1851. There is no indication of any bigger correction to come, so all the dips should be bought until the level of 1.1347 is clearly violated.
