Technical Market Outlook:
The EUR/USD pair has retraced 61% of the last wave down and hit the level of 1.1879 and the market conditions are now overbought. The market bounce had been capped at this level so far and the local low was made at the level of 1.1799. This is the technical support for the bulls, the other level is 1.1789. any breakout below this level will result in increased bearish activity with a target at the level of 1.1738. Please notice, the market is trading in a very interesting level, because the 1:1 market geometry level had been hit as well, so the bearish activity should be above average soon.
Weekly Pivot Points:
WR3 – 1.1890
WR2 – 1.1841
WR1 – 1.1801
Weekly Pivot – 1.1751
WS1 – 1.1713
WS2 – 1.1661
WS3 – 1.1641
Despite the recent correction, 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 still 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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