Technical Market Outlook:
The EUR/USD pair has been moving up inside of a ascending channel towards the level of 1.1879, but another Bearish Engulfing candlestick pattern has been made at the level of 1.1890. The pull-back towards the channel lower boundary line might have been completed, so if the line holds, then the bulls will be in control of the market again and might push the price higher towards the swing high seen at the level of 1.1920. The strong and positive momentum supports the bullish short-term outlook for Euro. Please notice the overbought market conditions might cause temporary pull backs along the way up.
Weekly Pivot Points:
WR3 – 1.2099
WR2 – 1.2008
WR1 – 1.1924
Weekly Pivot – 1.1834
WS1 – 1.1747
WS2 – 1.1659
WS3 – 1.1571
Since the middle of March 2020 the main trend is on EUR/USD pair has been up, which can be confirmed by almost 10 weekly up candles on the weekly time frame chart and 4 monthly up candles on the monthly time frame chart. The recent correction towards the level of 1.1612 seems to be completed and now market is ready for another wave up. This means any local corrections should be used to buy the dips until the key technical support is broken. The key long-term technical support is seen at the level of 1.1445. The key long-term technical resistance is seen at the level of 1.2555.
The material has been provided by InstaForex Company – www.instaforex.com
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