Technical Market Outlook:
The EUR/USD pair has hit the long term trend line resistance at the level of 1.2116 on the daily time frame chart and the Pin Bar/Doji candlestick had been made at the end of the rally. In result, the market pulled-back towards the local technical support seen at 1.2080 and made a new low at the level of 1.2056. Any violation of the level of 1.2035 will result in price overbalance. Please notice, the market conditions on the daily time frame chart are now overbought, so the chances for another wave up are decreasing and the pull-back or correction might start to develop soon. The next technical support is seen at the level of 1.2011 and 1.1953.
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
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.