Technical Market Outlook:
The EUR/USD pair has retraced more than 61% of the last pull-back down and is slowly approaching the key short-term supply zone located between the levels of 1.2154 - 1.2178. The last attempt to break through this zone was a failure and bulls need to break if they want to continue the up trend towards 1.2284, which is the next target for them. The intraday support is seen at the level of 1.2108 and the next technical support is seen at 1.2088. Any violation of the old 61% Fibonacci retracement located at the level of 1.2035 will invalidate the bullish scenario. The weekly time frame trend is still up and intact.
Weekly Pivot Points:
WR3 - 1.2336
WR2 - 1.2251
WR1 - 1.2185
Weekly Pivot - 1.2101
WS1 - 1.2042
WS2 - 1.1960
WS3 - 1.1894
Trading Recommendations:
Any local corrections should be used to buy the dips until the key technical support seen at the level of 1.1609 is broken, because since the middle of March 2020 the main trend is on EUR/USD pair has been up. The key long-term technical resistance is seen at the level of 1.2555. Any violation of the level of 1.2175 supports the trend change/corrective cycle scenario.
