Technical Market Outlook:
The EUR/USD pair has been rejected around the level of 1.1864 after the Bearish Engulfing pattern had been made just at the lower channel line. The market is trading around 61% Fibonacci retracement again and might extend the losses. The nearest technical resistance is seen between the levels of 1.1790 - 1.1822. Any violation of this zone will extend the rally towards the next key technical resistance seen at the level of 1.908.The weekly time frame trend is still up and the momentum is above the fifty level, but the market is trying to bounce from the oversold conditions, so odds for local wave up are quite high. The nearest technical support for intraday traders is seen at the level of 1.1790.
Weekly Pivot Points:
WR3 - 1.2109
WR2 - 1.2010
WR1 - 1.1819
Weekly Pivot - 1.1788
WS1 - 1.1633
WS2 - 1.1672
WS3 - 1.1572
Trading Recommendations:
The EUR/USD pair confirmed the up trend, so all pull-backs and corrections should be used to accumulate the EUR. The next targets in the long-term are seen at the levels of 1.2000 - 1.2089. There is no indication of any bigger correction to come, so all the dips should be bought until the level of 1.1347 is clearly violated.
