Technical Market Outlook:

The EUR/USD pair has bounced from the lower channel line around the level of 1.1190 and made a local high at the level of 1.1287 before the Bearish Engulfing pattern had been made. The bearish pressure is still present on chart, so if bulls will not violate the nearest technical resistance located at the level of 1.1282-1.1290, then the swing top located at 1.1419 will not be hit. On the other hand, any violation of the level of 1.1236 makes the rally towards the swing low located at the level of 1.1168 highly possible, so please keep an eye on the current developments at this market. Please notice the overbought market conditions and weak momentum support the short-term bullish outlook.

Weekly Pivot Points:

WR3 - 1.1484

WR2 - 1.1410

WR1 - 1.1289

Weekly Pivot - 1.1235

WS1 - 1.1124

WS2 - 1.1056

WS3 - 1.0936

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).