Technical Market Outlook:
The EUR/USD pair has made a false breakout above the trend line and the bearish pressure intensify. A new local low had been made at the level of 1.1731 already and the bears are willing to continue the down wave. The levels of 1.1790, 1.1803 and 1.1813 will now act as an intraday technical resistance for the price, together with the level of 1.1822. The momentum remains weak and negative, so another wave down towards the next target seen at the level of 1.1710 or 1.1696 is anticipated. The weekly time frame trend remains up.
Weekly Pivot Points:
WR3 - 1.2077
WR2 - 1.1988
WR1 - 1.1919
Weekly Pivot - 1.1829
WS1 - 1.1748
WS2 -1.1662
WS3 - 1.1583
Trading Recommendations:
On the EUR/USD pair the main trend is up, which can be confirmed by almost 10 weekly up candles on the weekly time frame chart and 4 monthly up candles on the monthly time frame chart. Nevertheless, weekly chart is recently showing some weakness in form of a several Pin Bar candlestick patterns at the recent top. This means any corrections should be used to buy the dips until the key technical support is broken. 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.
