Technical Market Outlook:
The WXY complex corrective cycle on EUR/USD had been terminated at low made at the level of 1.0359 and the bulls started to move higher. The nearest technical resistance seen at the level of 1.0532 had been broken and the bulls tested the main channel lower line located around the level of 1.0601. Please notice, the market is bouncing from the extremely oversold conditions, which supports the short-term bullish outlook for EUR, and the momentum is now positive. The next target for bulls is seen at the level of 1.0627.
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.
