Technical Market Outlook:
The EUR/USD pair has made another higher high the level of 1.1927, so the recent Shooting Star candlestick pattern had been invalidated. The momentum is strong and positive, so the next target for bulls is seen at the level of 1.1990. The next technical support is located at the level of 1.1874 and 1.1834. Any violation of the level of 1.1789 will likely resume the short-term down trend below the level of 1.1703.
Weekly Pivot Points:
WR3 - 1.1890
WR2 - 1.1841
WR1 - 1.1801
Weekly Pivot - 1.1751
WS1 - 1.1713
WS2 - 1.1661
WS3 - 1.1641
Trading Recommendations:
Despite the recent correction, the long term trend on EUR/USD pair remains up on monthly time frame chart, however the weekly time frame chart show the counter-trend corrective cycle is still in progress. This corrective cycle has not been completed yet, because the key level for bulls is located at 1.1608. As long as the market trades above this level the up trend is valid and all of the down waves should be used to open long positions.
