Technical Market Outlook:
The EUR/USD pair has made another local low at the level of 1.2002 as the bears are in control of the market. All the previous bounces were very shallow and bulls did not break above the level of 1.2053 – 1.2060. The new intraday technical support is seen at the level of 1.2000 and the intraday technical resistance is still located at 1.2053 and 1.2060. The momentum is weak and negative, together with the current market conditions, so the next target for bears is seen at the level of 1.2000 or below at 1.1976 (50% Fibonacci retracement level of the last wave up). This is the key short-term technical support for bulls, so violation of it would result in a deeper correction towards the level of 1.1888.
Weekly Pivot Points:
WR3 – 1.2318
WR2 – 1.2247
WR1 – 1.2192
Weekly Pivot – 1.2115
WS1 – 1.2070
WS2 – 1.2000
WS3 – 1.1940
Since the middle of March 2020 the main trend is on EUR/USD pair has been up. This means any local corrections should be used to buy the dips until the key technical support seen at the level of 1.1609 is broken. The key long-term technical resistance is seen at the level of 1.2555. Any violation of the level of 1.2154 supports the trend change/corrective cycle scenario.
The material has been provided by InstaForex Company – www.instaforex.com
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