Technical Market Outlook:
The EUR/USD pair keeps trading inside the local zone located between the levels of 1.0489 - 1.0602, however the bulls are approaching the key short-term Fibonacci retracement level. The last rally was short-lived as it was capped twice at the level of 1.0602 after a Piercing Pattern and Pin Bar candestick were made. The nearest technical support is seen at 1.0469 - 1.0448, so as long as the market trades above this zone, the outlook remains bullish. Please notice, that despite the recent efforts, the bulls are still trading inside the bearish zone, the level of 1.0615 is still unreachable for them, and they need to break above the level of 1.0678 to enter the bullish zone.
Weekly Pivot Points:
WR3 - 1.0757
WR2 - 1.0697
WR1 - 1.0620
Weekly Pivot - 1.0534
WS1 - 1.0480
WS2 - 1.0405
WS3 - 1.0345
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) and the market breaks above 1.0678 level. 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.
