Technical Market Outlook:
The EUR/USD pair had broken out of the channel and made a new local low at the level of 1.0399, so the WXY complex corrective cycle was extended to the downside, deeper inside the bearish zone. Nevertheless, the correction looks completed now as the bulls continue to move higher. The nearest technical resistance seen at the level of 1.0469 had been broken and the bulls are heading towards the next technical resistance located at 1.0532. Please notice, the extremely oversold market conditions support the short-term bullish outlook for EUR, good enough for a bounce and the technical resistance level test.
Weekly Pivot Points:
WR3 - 1.0901
WR2 - 1.0839
WR1 - 1.0647
Weekly Pivot - 1.0577
WS1 - 1.0379
WS2 - 1.0301
WS3 - 1.0101
Trading Outlook:
The up trend can be continued towards the next long-term target located at the level of 1.1186 only if the complex corrective structure will terminate soon (above 1.0335). The 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 1.0335 or below.
