Technical Market Outlook:
The EUR/USD pair has made a new swing low at the level of 1.1626, but a Bullsih Englufing candlestcik pattern was made at the bottim of the down wave, so now the market might be ready for some corrective bounce.The levels of 1.1697 and 1.1710 will now act as an intraday technical resistance for the price. The next target for bears is seen at the level of 1.1590, which is a 50% Fibonacci retracement level on a Daily time frame chart. The momentum remains weak and negative, so another wave down is anticipated once the correction is terminated.
Weekly Pivot Points:
WR3 - 1.2077
WR2 - 1.1988
WR1 - 1.1919
Weekly Pivot - 1.1829
WS1 - 1.1748
WS2 -1.1662
WS3 - 1.1583
Trading Recommendations:
On the EUR/USD pair the main trend is up, which can be confirmed by almost 10 weekly up candles on the weekly time frame chart and 4 monthly up candles on the monthly time frame chart. Nevertheless, weekly chart is recently showing some weakness in form of a several Pin Bar candlestick patterns at the recent top. This means any corrections should be used to buy the dips until the key technical support is broken. 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.
