Technical Market Outlook:
The EUR/USD pair hit the level of 1.2000. Nevertheless, the market reversed sharply as the Bearish Engulfing pattern occurred at the top of the move. The next target for bulls is seen at the level of 1.2089. The nearest technical support is located at 1.1914, 1.1908 and 1.1949. The strong and positive momentum supports the short-term bullish outlook. The monthly candle for November is green and looks very bullish, so the market participants should expect the up trend to continue in December.
Weekly Pivot Points:
WR3 – 1.2206
WR2 – 1.2083
WR1 – 1.2043
Weekly Pivot – 1.1921
WS1 – 1.1871
WS2 – 1.1758
WS3 – 1.1714
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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