Technical Market Outlook:
The EUR/USD pair has bounced from the 61% Fibonacci retracement located at the level of 1.2035 and is currently trading back above the short-term trend line resistance around the level of 1.2118 (at the time of writing the article). The next target is seen at the level of 1.2154 - 1.2178, which is a well known supply zone. Only a sustained break out above this zone would resume the up trend and set the next target for bulls to 1.2284. The immediate technical support is seen at the level of 1.2088. The strong and positive momentum supports the short-term bullish outlook for Euro.
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.
