Technical Market Outlook:
Another higher high was made on the EUR/USD pair after the market had broken out of the main ascending channel. The new high is located at the level of 1.1976 and the next target for bulls is seen at the level of 1.2000. The nearest technical support is located at 1.1914, 1.1908 and 1.1949. The strong and positive momentum supports the short-term bullish outlook. The monthly candle is green and look very bullish, so the market participants should wait for another wave up next month.
Weekly Pivot Points:
WR3 - 1.2206
WR2 - 1.2083
WR1 - 1.2043
Weekly Pivot - 1.1921
WS1 - 1.1871
WS2 - 1.1758
WS3 - 1.1714
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.
