Technical Market Outlook:
The EUR/USD pair has been seen continuing the ABC-x-ABC complex corrective cycle and there is the last wave C to the downside missing. This cycle might take some time yet as the correction is still in progress. Once the corrective cycle is completed, the new impulsive wave to the upside might start with a target at the level of 1.0942 or above. The odds for another wave up remain high as long as the market trades above the level of 1.0627.
Weekly Pivot Points:
WR3 – 1.0954
WR2 – 1.0872
WR1 – 1.0789
Weekly Pivot – 1.0707
WS1 – 1.0623
WS2 – 1.0551
WS3 – 1.0480
Trading Outlook:
The market had bounced from the key long-term technical support located at the level of 1.0336 and is heading higher. 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.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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