Technical Market Outlook:
The EUR/USD pair has bounced from the upper channel line located around the level of 1.1695 and is about to continue the local up trend. This price behavior might indicate up trend acceleration towards the 61% Fibonacci retracement of the last big wave down seen at the weekly time frame chart located at the level of 1.1822. However, during the last bull run the market has made a Pin Bar candlestick pattern at the top of the move, so the local pull-back might occur any time now. The nearest support is seen at the level of 1.1655 and 1.1648. Please notice the overbought market conditions as well.
Weekly Pivot Points:
WR3 - 1.2024
WR2 - 1.1839
WR1 - 1.1768
Weekly Pivot - 1.1582
WS1 - 1.1509
WS2 - 1.1334
WS3 - 1.1257
Trading Recommendations:
The key long-term technical resistance is seen at the level of 1.1540 has been violated, so the EUR/USD pair confirmed the up trend. The next targets in the long-term are seen at the levels of 1.1813 - 1.1851. There is no indication of any bigger correction to come, so all the dips should be bought until the level of 1.1347 is clearly violated.
