Technical Market Outlook:
After the short period of consolidation, the EUR/USD pair has broken through the supply zone located between the levels of 1.1148 - 1.1190 and made a new local high at the level of 1.1213 (at the time of writing the article). The bulls are still in control of the market and the next target for them is seen at the level of 1.1237. 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).
