Technical Market Outlook:
The EUR/USD pair hit the level of 1.2067, but the market made a Doji candlestick pattern at the top of the move, so the pull-back might be just around the corner. The nearest technical support is located at 1.2000. nevertheless, the strong and positive momentum supports the short-term bullish outlook and the next target for bulls is seen at the level of 1.2089 and 1.2100. The monthly candle for November is green and looks very bullish, so the market participants should expect the up trend to continue in December.
Weekly Pivot Points:
WR3 - 1.2206
WR2 - 1.2083
WR1 - 1.2043
Weekly Pivot - 1.1921
WS1 - 1.1871
WS2 - 1.1758
WS3 - 1.1714
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.
