Technical Market Outlook:
Despite the fact, that the market conditions are now coming off the overbought levels, the EUR/USD pair has broken up and it is heading towards the level of 1.2000 ( the level of 1.1991 is the technical resistance). The immediate technical support is located at the level of 1.1927 and 1.1914. The key short-term technical support is seen at the level of 1.1799 – 1.1789 and only if this level is clearly violated, the bears are back in control of the market. The next target for bulls is the technical resistance located at the level of 1.1953.
Weekly Pivot Points:
WR3 – 1.2178
WR2 – 1.2044
WR1 – 1.1980
Weekly Pivot – 1.1859
WS1 – 1.1796
WS2 – 1.1668
WS3 – 1.1612
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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