Technical Market Outlook:
The EUR/USD pair has broken above the last swing high located at the level of 1.2272 and made a new swing high at the level of 1.2294 (at the time of writing the article). Nevertheless, the Broadening Wedge price pattern is still in progress, so please notice that this particular pattern is a trend reversal pattern, which indicates a possible correction on the Euro market soon. For now, the zone located between the levels of 1.2154 - 1.2177 remains the key demand zone for bulls and the zone located between the levels of 1.2250 - 1.2272 will now act as a support zone. The positive momentum supports the short-term bullish outlook as long as the demand zone is not clearly violated. The next target for bulls is seen at the level of 1.2555.
Weekly Pivot Points:
WR3 - 1.2368
WR2 - 1.2314
WR1 - 1.2240
Weekly Pivot - 1.2185
WS1 - 1.2118
WS2 - 1.2062
WS3 - 1.1987
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.
