Technical Market Outlook:
The EUR/USD pair has hit the level of 1.1648, which is the short-term key technical support, together with the level of 1.1655. The momentum is still weak and negative despite the oversold market conditions at the H4 time frame chart. The nearest intraday resistance is seen at the level of 1.1696. The weekly candle is down and it is bigger than last week up candle, so the bears are still in control of the market. The next target for bears is seen at the level of 1.1612.
Weekly Pivot Points:
WR3 - 1.2123
WR2 - 1.1991
WR1 - 1.1943
Weekly Pivot - 1.1823
WS1 - 1.1766
WS2 - 1.1638
WS3 - 1.1589
Trading Recommendations:
Since the middle of March 2020 the main trend is on EUR/USD pair has been 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. The recent correction towards the level of 1.1612 seems to be completed and now market is ready for another wave up. This means any local 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.
