Technical Market Outlook:
The EUR/USD pair has broken through the short-term trend line resistance located around the level of 1.1265 and made a new local high at the level of 1.1348. This level is the lower line of the supply zone located between the levels of 1.1347 - 1.1361, so the market might pull-back a little now. Any violation of the level of 1.1361 makes the rally towards the swing high located at the level of 1.1419 highly possible, so please keep an eye on the current developments at this market. Despite the overbought market conditions, the strong and positive momentum supports the short-term bullish outlook.
Weekly Pivot Points:
WR3 - 1.1456
WR2 - 1.1397
WR1 - 1.1266
Weekly Pivot - 1.1215
WS1 - 1.1074
WS2 - 1.1031
WS3 - 1.0903
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).
