Technical Market Outlook:
The EUR/USD pair has made a Shooting Star candlestick pattern at the level of 1.1728, just a little above the 50% Fibonacci retracement level seen at 1.1742. Bears are in now control of the market and more lower lows should be seen soon because the momentum is coming off the overbought levels. The next target for bears is seen at the level of 1.1710 and 1.1696. Only a sustained breakout above the level of 1.1738 would put bulls back into control again. The weekly time frame trend remains up.
Weekly Pivot Points:
WR3 - 1.2011
WR2 - 1.1939
WR1 - 1.1752
Weekly Pivot - 1.1683
WS1 - 1.1498
WS2 - 1.1408
WS3 - 1,1239
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.
