Technical Market Outlook:

The EUR/USD pair has bounced from the level of 1.0621 which was a key short-term technical support and the target level for the wave C of the overall ABC simple corrective cycle. The bulls managed to break through the short-term trend line resistance and are heading higher towards the wave 5 top seen at 1.0787. This level might be violated and in that situation the next target for bulls is seen at 1.0836 and 1.0866. The strong and positive momentum supports the short-term bullish outlook for EUR.

Weekly Pivot Points:

WR3 - 1.1043

WR2 - 1.0898

WR1 - 1.0827

Weekly Pivot - 1.0691

WS1 - 1.0625

WS2 - 1.0485

WS3 - 1.0411

Trading Outlook:

The market had bounced from the key long-term technical support located at the level of 1.0336 and is heading higher. The up trend can be continued towards the next long-term target located at the level of 1.1186 only if bullish cycle scenario is confirmed by breakout above the level of 1.0726, otherwise the bears will push the price lower towards the next long-term target at the level of 1.0336 or below.