Technical Market Outlook:
The EUR/USD pair has broken below the level of 1.2131, which was the last local technical support for the bulls. The next target for bears is seen at the level of 1.2051. If there is no sustained and coordinated up wave continuation above the level of 1.2266, the bears might strike even harder and push the prices towards the main channel lower line seen around the level of 1.1991. The momentum is weak and negative, which support the short term bearish outlook for Euro.
Weekly Pivot Points:
WR3 - 1.2356
WR2 - 1.2298
WR1 - 1.2235
Weekly Pivot - 1.2173
WS1 - 1.2117
WS2 - 1.2059
WS3 - 1.1997
Trading Recommendations:
The daily time frame chart show the breakout above the trend line resistance and a new swing high above the recent Doji candlestick high. The momentum is strong and positive, so the up trend can be continued towards the next long-term target located at the level of 1.2241 (25.02.2021) and 1.2350 (06/01/2021).
