Technical Market Outlook:

The EUR/USD pair has been seen consolidating the recent gains in a narrow zone located between the levels of 1.2113 – 1.2139. 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, but the market in now in overbought levels, 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

Trading Recommendations:

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.

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The material has been provided by InstaForex Company – www.instaforex.com

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