Technical Market Outlook:
The WXY complex corrective cycle was extended to the downside, deeper inside the bearish zone, with the last low made at the level of 1.0359. Nevertheless, the correction looks completed now as the bulls continue to move higher, however, they lack the momentum. The nearest technical resistance seen at the level of 1.0469 had been broken and the bulls might be 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.
