Technical Market Outlook:
The EUR/USD pair has been seen going up towards the supply zone located between the levels of 1.2154 – 1.2178. The nearest technical support is seen at the level of 1.2079. Moreover, the level of 1.2116 is the place where the descending trend line is located at the daily time frame chart, so the bears should react at this level today, because any breakout higher will be considered bullish with a target at the level of 1.2242.
Weekly Pivot Points:
WR3 – 1.2320
WR2 – 1.2206
WR1 – 1.2167
Weekly Pivot – 1.2057
WS1 – 1.2010
WS2 – 1.1890
WS3 – 1.1850
The weekly time frame chart show the counter-trend corrective cycle is still in progress, but if the trend line on the daily time frame chart is violated, then the up trend might be considered done. The 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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