Technical Market Outlook:
The EUR/USD pair has broken above all of the Fibonacci levels now and keeps going up. The bulls has broken above the short-term trend line resistance and the next target for bulls is the supply zone located between the levels of 1.2154 – 1.2178. The intraday technical support is located at 1.2088 level now. Please notice, the momentum on the H4 time frame chart is strong and positive and market is picking up from the oversold conditions, which support the short-term bullish outlook for this pair.
Weekly Pivot Points:
WR3 – 1.2314
WR2 – 1.2227
WR1 – 1.2130
Weekly Pivot – 1.2038
WS1 – 1.1949
WS2 – 1.1857
WS3 – 1.1765
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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