Technical Market Outlook:
The EUR/USD pair has been seen trading in a narrow consolidation zone located between the levels of 1.1696 - 1.1965 for more than two weeks now, but the bulls are still in control of the market. However, if the bulls want to carry on upward towards the level of 1.2000, then the momentum must be more dynamic and the price can not hover for too long around the level of 1.1822 (61% Fibonacci retracement on weekly time frame chart). The key technical resistance is the level of 1.1915 and if violated, then the next target is seen at 1.1962 and 1.2000.
Weekly Pivot Points:
WR3 - 1.2065
WR2 - 1.1962
WR1 - 1.1908
Weekly Pivot - 1.1808
WS1 - 1.1753
WS2 - 1.1661
WS3 - 1.1600
Trading Recommendations:
On the EUR/USD pair the main trend is up, which can be confirmed by 8 weekly up candles on the weekly time frame chart and 3 monthly up candles on the monthly time frame chart. This means any corrections should be used to buy the dips. The key long-term technical support is seen at the level of 1.1445. The key long-term technical resistance is seen at the level of 1.2555.
