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 market made a shallow pull-back with a local low at the level of 1.1950. 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. The level of 1.2000 is a game changer level both for bulls and bears.

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

Trading Recommendations:

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.