Technical Market Outlook:
The EUR/USD pair has been moving up in a trend and recently the bulls have managed to break through the upper ascending channel boundary and made a new local high at the level of 1.1145. This is the lower supply zone boundary located between the levels of 1.1148 - 1.1190. Please notice, the market conditions are now overbought and despite the positive and strong momentum the price might start a corrective pull-back towards the nearest technical support located at the level of 1.1050.
Weekly Pivot Points:
WR3 - 1.1499
WR2 - 1.1307
WR1 - 1.1241
Weekly Pivot - 1.1045
WS1 - 1.0959
WS2 - 1.0772
WS3 - 1.0680
Trading Recommendations:
On the EUR/USD pair the main long term trend is down, but the local up trend continues. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336).
