Technical Market Outlook:
The Pin Bar candlestick pattern was made at the supply zone located between the levels of 1.1406 - 1.1419 and local pull-back towards the level of 1.1325 has been developed. The bulls are still pushing the price higher, but please notice, the market has started coming off the overbought conditions, so the odds for the move down are now high. The mid-term trend on EUR/USD remains up, but the main long-term trend is still down. The key short-term technical support is still seen at the level of 1.1236 and 1.1148.
Weekly Pivot Points:
WR3 - 1.1696
WR2 - 1.1546
WR1 - 1.1432
Weekly Pivot - 1.1266
WS1 - 1.1137
WS2 - 1.0969
WS3 - 1.0859
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).
