Technical Market Outlook:
After the EUR/USD pair had reversed from 50% Fibonacci retracement of the last wave down, the move down has hit the 61% Fibonacci retracement of the last move up located at the level of 1.2035. The market is now trying to bounce from this level, but in order to resume the up trend after the correction, the bulls must break through the levels of 1.2060 and 1.2088 first. The market conditions are oversold and the momentum is weak and negative. The next target for bears is seen at the level of 1.1965.
Weekly Pivot Points:
WR3 - 1.2312
WR2 - 1.2233
WR1 - 1.2184
Weekly Pivot - 1.2097
WS1 - 1.2056
WS2 - 1.1971
WS3 - 1.1920
Trading Recommendations:
Any local corrections should be used to buy the dips until the key technical support seen at the level of 1.1609 is broken, because since the middle of March 2020 the main trend is on EUR/USD pair has been up. The key long-term technical resistance is seen at the level of 1.2555. Any violation of the level of 1.2175 supports the trend change/corrective cycle scenario.
