Technical Market Outlook:
After some time of the horizontal consolidation, the EUR/USD pair has broken above the level of 1.2000 and is heading towards the next target seen at the level of 1.2169. On the way to this level are technical resistances located at the levels of 1.2080 and 1.2154. The immediate technical support is located at the level of 1.1991 and the key technical support is seen at 1.1927. The positive momentum supports the short-term bullish outlook for Euro.
Weekly Pivot Points:
WR3 - 1.2163
WR2 - 1.2070
WR1 - 1.2036
Weekly Pivot - 1.1956
WS1 - 1.1907
WS2 - 1.1827
WS3 - 1.1791
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.
