Technical Market Outlook
The EUR/USD pair has bounced from the lows at the level of 1.0469 and is heading towards the bearish zone border located at 1.0654. The nearest technical support is now located at 1.0469 and 1.0564. The oversold market conditions on the Daily and Weekly time frame chart indicate the down trend continuation and there is no indication of trend termination or reversal just yet. The strong and positive momentum supports the short-term bullish outlook, however this is not the long-term down trend termination yet.
Weekly Pivot Points:
WR3 - 1.0771
WR2 - 1.0681
WR1 - 1.0526
Weekly Pivot - 1.0438
WS1 - 1.0274
WS2 - 1.0195
WS3 - 1.0032
Trading Outlook:
The market is still in control by bears that pushed the price way below the level of 1.0639, so a breakout above this level is a must for bulls for a long-term trend reversal. The up trend can be continued towards the next long-term target located at the level of 1.1186 only if bullish cycle scenario is confirmed by breakout above the level of 1.0726, otherwise the bears will push the price lower towards the next long-term target at the level of 1.0336 or below.
