Technical Market Outlook:
The EUR/USD pair has made a new swing high at the level of 1.2079, but due to the extremely overbought market conditions the bears are now trying to test the technical support located at the level of 1.1991. Any violation of this level will lead to another down wave targeting .1927. On the other hand, the next target for bulls is seen at the level of 1.2154. The level of 1.1991 will now act as the technical support for bulls. There is no indication of the up trend termination or completion yet.
Weekly Pivot Points:
WR3 – 1.2163
WR2 – 1.2070
WR1 – 1.2036
Weekly Pivot – 1.1956
WS1 – 1.1907
WS2 – 1.1827
WS3 – 1.1791
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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