Technical Market Outlook:
The EUR/USD pair has broken above the ascending channel upper boundary line located around the level of 1.2151 and made a new swing high at the level of 1.2272 (at the time of writing the article). After the new high was made the pair has moved back inside of the short-term ascending channel during the pull-back, but the next target for bulls is seen at the level of 1.2411. The nearest technical support is seen at the level of 1.2211. The strong and positive momentum supports the short-term bullish outlook for Euro. The larger time frame trend remains up.
Weekly Pivot Points:
WR3 - 1.2281
WR2 - 1.2233
WR1 - 1.2171
Weekly Pivot - 1.2118
WS1 - 1.2069
WS2 - 1.2005
WS3 - 1.1960
Trading Recommendations:
Since the middle of March 2020 the main trend is on EUR/USD pair has been 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 1.1609. The key long-term technical resistance is seen at the level of 1.2555.
