EUR/USD Looking multi-year low support level coming weeks.
Technical Market Outlook:
The EUR/USD pair has made a new local high at the level of 1.1150 which is the key short-term technical resistance for bulls. The market moved out of a narrow ascending channel during the move up and is trading just above the upper channel line. Please notice the market bounced from extremely oversold conditions on the H4 time frame chart and momentum is now positive and points to the north. The larger time frame downtrend continues, but the odds for a bounce continuation are now high.
Weekly Pivot Points:
WR3 - 1.1581
WR2 - 1.1403
WR1 - 1.0979
Weekly Pivot - 1.1120
WS1 - 1.0840
WS2 - 1.0635
WS3 - 1.0390
Technical Market Outlook:
The EUR/USD pair has made a new local high at the level of 1.1150 which is the key short-term technical resistance for bulls. The market moved out of a narrow ascending channel during the move up and is trading just above the upper channel line. Please notice the market bounced from extremely oversold conditions on the H4 time frame chart and momentum is now positive and points to the north. The larger time frame downtrend continues, but the odds for a bounce continuation are now high.
Weekly Pivot Points:
WR3 - 1.1581
WR2 - 1.1403
WR1 - 1.0979
Weekly Pivot - 1.1120
WS1 - 1.0840
WS2 - 1.0635
WS3 - 1.0390