Technical Market Outlook:
The US presidential elections result is still uncertain and the volatility on all US Dollar pairs has increased. After the EUR/USD pair had made another local low at the level of 1.1602, the price bounced towards the new local high seen at the level of 1.1744 which is inside of the main descending channel. The momentum is positive and the market conditions at the H4 time frame chart are bouncing from the extremely oversold levels, so please keep an eye on a temporary rebound. The nearest technical resistance is seen at the level of 1.1790. Bears are in full control of the market and the weekly outlook is bearish despite the election night in the USA.
Weekly Pivot Points:
WR3 - 1.1974
WR2 - 1.1916
WR1 - 1.1756
Weekly Pivot - 1.1698
WS1 - 1.1531
WS2 - 1.1471
WS3 - 1.1314
Trading Recommendations:
Since the middle of March 2020 the main trend is on EUR/USD pair has been up, which can be confirmed by almost 10 weekly up candles on the weekly time frame chart and 4 monthly up candles on the monthly time frame chart. The recent correction towards the level of 1.1612 seems to be completed and now market is ready for another wave up. This means any local corrections should be used to buy the dips until the key technical support is broken. The key long-term technical support is seen at the level of 1.1445. The key long-term technical resistance is seen at the level of 1.2555.
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