Technical Market Outlook:
The EUR/USD pair has made a new local low at the level of 1.2062 and is trying to bounce higher above the intraday technical resistance located at the level of 1.2091. Despite the oversold market conditions, to bulls are not so much active yet, so the up move is clearly corrective in nature. Moreover, the momentum is still weak and negative, which suggest the down cycle has now been completed yet. The next target for bears is the level of 1.2023 - 1.2018. Any violation of this level will open the road towards the lows from 4th of February located at the level of 1.1953.
Weekly Pivot Points:
WR3 - 1.2341
WR2 - 1.2290
WR1 - 1.2158
Weekly Pivot - 1.2111
WS1 - 1.1978
WS2 - 1.1931
WS3 - 1.1796
Trading Recommendations:
Any local corrections should be used to buy the dips until the key technical support seen at the level of 1.1953 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.
