Technical Market Outlook:
The EUR/USD pair has hit the key short-term technical resistance located at the level of 1.1991 and is ready to break out higher towards the 1.2000 zone. 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 momentum is strong and positive, which supports the short term bullish outlook for Euro.
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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