Technical Market Outlook:
The EUR/USD pair has broken through the overbalance level located at 1.2141 and hit the key short-term supply zone at 1.2154. In order to move even higher, the bulls must continue to bounce towards the next levels: 1.2163 and 1.2177. If those level are violated, then the supply zone is gone and the next target is located at the level of 1.2212. On the other hand, any failure here will reverse the bounce and the market will continue the down move towards 1.2060 again.
Weekly Pivot Points:
WR3 - 1.2304
WR2 - 1.2263
WR1 - 1.2147
Weekly Pivot - 1.2111
WS1 - 1.2005
WS2 - 1.1985
WS3 - 1.1848
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 seen at the level of 1.1609 is broken. The key long-term technical resistance is seen at the level of 1.2555. The market made the Falling Wedge trend reversal pattern around the levels of 1.2200 - 1.2300 and now the corrective cycle might have started. Any violation of the level of 1.2154 supports the trend change/corrective cycle scenario.
