Technical Market Outlook:
The EUR/USD pair has been making lower lows and lower highs since the breakout below the level of 1.1790. The recent low was made at the level of 1.1612 and it looks like a temporary low only. Due to the oversold market conditions traders should expect a bounce towards the level of 1.1655, but any rally should be capped below the level of 1.1696 anyway. Bears are in control of the market and more lower lows should be seen soon. The next target for bears is seen at the level of 1.1569 - 1.1569 zone. The weekly time frame trend remains up.
Weekly Pivot Points:
WR3 - 1.2011
WR2 - 1.1939
WR1 - 1.1752
Weekly Pivot - 1.1683
WS1 - 1.1498
WS2 - 1.1408
WS3 - 1,1239
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.
