Technical Market Outlook:

The EUR/USD pair has bounced from the level of 1.1236 and rallied towards the 61% Fibonacci retracement of the previous wave down located at the level of 1.1342. If the rally will continue here, then the next target for bulls is seen at the level of 1.1361 and then at 1.1419. The market is bouncing form the oversold conditions and the momentum has broken above its fifty level already, so the odds for another leg up are quite high. Only a sustained breakout above the level of 1.1419 will signal the up trend continuation.

Weekly Pivot Points:

WR3 - 1.1560

WR2 - 1.1485

WR1 - 1.1355

Weekly Pivot - 1.1283

WS1 - 1.1138

WS2 - 1.1066

WS3 - 1.0927

Trading Recommendations:

On the EUR/USD pair, the main long-term trend is down, but the local up trend continues. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336)

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