Technical Market Outlook:
The EUR/USD pair has broken out of the main descending channel zone and is heading towards the level of 1.1965, which is the local technical resistance. The key short term technical support is located at the level of 1.1813, so please keep an eye on this level because any violation will lead to another wave down towards 1.1799 – 1.1789 zone. The weak and negative momentum supports the short-term bearish outlook, but the current bounce from the oversold market conditions favors the bounce first.
Weekly Pivot Points:
WR3 – 1.2243
WR2 – 1.2176
WR1 – 1.2024
Weekly Pivot – 1.1958
WS1 – 1.1798
WS2 – 1.1738
WS3 – 1.1580
The long term trend on EUR/USD pair remains up on monthly time frame char, however the weekly time frame chart show the counter-trend corrective cycle is in progress. This corrective cycle has not been completed yet, because the key level for bulls is located at 1.1608. As long as the market trades above this level the up trend is valid and all of the down waves should be used to open long positions.
The material has been provided by InstaForex Company – www.instaforex.com
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