Technical Market Outlook:
The EUR/USD pair has bounced from the lower channel line around the level of 1.1200, but the bounce was short-lived. The bearish pressure is still present on chart, so bulls did not violate the nearest technical resistance located at the level of 1.1236. Any violation of the level of 1.1236 makes the rally towards the swing low located at the level of 1.1168 highly possible, so please keep an eye on the current developments at this market. Please notice the overbought market conditions and weak momentum support the bearish 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).
