Technical Market Outlook:
Another higher high was made on the EUR/USD pair after the market had broken out of the range zone. The new high is located at the level of 1.1940, but the move up produced the yet another Bearish Engulfing candle. The next target for bulls is seen at the level of 1.1965. The key target for bulls is located at 1.2000. The nearest technical support is located at 1.1813, 1.1803 and 1.1789. The strong and positive momentum supports the short-term bullish outlook.
Weekly Pivot Points:
WR3 - 1.1973
WR2 - 1.1933
WR1 - 1.1892
Weekly Pivot - 1.1854
WS1 - 1.1815
WS2 - 1.1774
WS3 - 1.1735
Trading Recommendations:
Since the middle of March 2020 the main trend is on EUR/USD pair has been 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. The recent correction towards the level of 1.1612 seems to be completed and now market is ready for another wave up. This means any local 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.
