Technical Market Outlook:
The EUR/USD pair is about to break out from the Bearish Pennant price pattern around the level of 1.1813. Any violation of this level and 1.1803 and 1.1790 will be an indication of bearish pressure. The next target for bears is seen at the level of 1.1755 and 1.1710. In order to make a new high, the bulls will have to break through the short-term trend line resistance seen at the level of 1.1900. The key short-term technical support is located at the level of 1.1720 and 1.1710. The larger time frame trend remains up.
Weekly Pivot Points:
WR3 - 1.2107
WR2 - 1.2031
WR1 - 1.1883
Weekly Pivot - 1.1825
WS1 - 1.1682
WS2 - 1.1616
WS3 - 1.1470
Trading Recommendations:
On the EUR/USD pair the main trend is up, which can be confirmed by 8 weekly up candles on the weekly time frame chart and 3 monthly up candles on the monthly time frame chart. This means any corrections should be used to buy the dips. The key long-term technical support is seen at the level of 1.1445. The key long-term technical resistance is seen at the level of 1.2555.
