Technical Market Outlook:
The EUR/USD pair has tested the long-term technical resistance located at the level of 1.1540, so the up trend continues. Currently, the market is trying to make a pull back towards the level of 1.1497 - 1.1483. If this support zone is clearly violated, then the bigger correction can take place with a target at the level of 1.1361 - 1.1347. The momentum is still strong and positive, but the market conditions are now overbought, so please keep in mind the pull-back scenario during the trading activities.
Weekly Pivot Points:
WR3 - 1.1642
WR2 - 1.1541
WR1 - 1.1496
Weekly Pivot - 1.1397
WS1 - 1.1342
WS2 - 1.1243
WS3 - 1.1193
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).