Technical Market Outlook:

The EUR/USD pair has been trading inside the bullish zone, however, is moving lower from the target projection level after it was hit. The strong and positive momentum support the short-term bullish outlook for Euro, nevertheless the ABC corrective cycle for bulls looks completed after the level of 1.0731 which was 127% Fibonacci extension was hit and broken. The immediate technical support is located at 1.0654 and 1.0631 (the previous resistance levels) and if this level are clearly violated, the correction might be terminated.

Weekly Pivot Points:

WR3 - 1.0888

WR2 - 1.0735

WR1 - 1.0635

Weekly Pivot - 1.0526

WS1 - 1.0448

WS2 - 1.0311

WS3 - 1.0227

Trading Outlook:

The market is still in control by bears that pushed the price way below the level of 1.0639, so a breakout above this level is a must for bulls for a long-term trend reversal. 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.