Technical Market Outlook:
The EUR/USD pair has fell out of the main ascending channel and made a new local low at the level of 1.1723. Any violation of this level will only deepen the correction towards the next key technical support seen at the level of 1.1655. The momentum is below the fifty level already and the market is coming off the overbought conditions as well, so odds for another wave down are quite high. The nearest technical resistance is seen between the levels of 1.1790 - 1.1813. The weekly time frame trend is still up.
Weekly Pivot Points:
WR3 - 1.2109
WR2 - 1.2010
WR1 - 1.1819
Weekly Pivot - 1.1788
WS1 - 1.1633
WS2 - 1.1672
WS3 - 1.1572
Trading Recommendations:
The EUR/USD pair confirmed the up trend, so all pull-backs and corrections should be used to accumulate the EUR. The next targets in the long-term are seen at the levels of 1.2000 - 1.2089. 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.
