Technical Market Outlook:
The EUR/USD pair has fallen out of the acceleration channel and is approaching the trend line support (around the level of 1.2095). The bears has broken below the intraday support and the next target for them is located at the level of 1.2088 and 1.2074 (38% Fibonacci retracement). Please notice, the momentum on the H4 time frame chart is strong and positive, but the market in now in overbought levels, which support the short-term bearish outlook for this pair.
Weekly Pivot Points:
WR3 - 1.2314
WR2 - 1.2227
WR1 - 1.2130
Weekly Pivot - 1.2038
WS1 - 1.1949
WS2 - 1.1857
WS3 - 1.1765
Trading Recommendations:
Since the middle of March 2020 the main trend is on EUR/USD pair has been up. This means any local corrections should be used to buy the dips until the key technical support seen at the level of 1.1609 is broken. The key long-term technical resistance is seen at the level of 1.2555. Any violation of the level of 1.2154 supports the trend change/corrective cycle scenario.
