Technical Market Outlook:
The EUR/USD pair has made a new local low at the level of 1.1761 despite the oversold market conditions. The 127% Fibonacci extension located at the level of 1.1794 and the technical support seen at the level of 1.1789 – 1.1799 were both violated, so the bearish pressure is still strong. All the bounces are now shallow. Please notice, the weekly time frame chart is still showing the weakness of the bulls as the price had broken below the 61% Fibonacci retracement at the level of 1.1887 already. The nearest technical resistance is located at 1.1835 and 1.1874.
Weekly Pivot Points:
WR3 – 1.2058
WR2 – 1.2022
WR1 – 1.1948
Weekly Pivot – 1.1911
WS1 – 1.1835
WS2 – 1.1794
WS3 – 1.1716
Despite the recent correction to 61% Fibonacci retracement of the last wave up the long term trend on EUR/USD pair remains up on monthly time frame chart, 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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