Technical Market Outlook:
The EUR/USD pair has retraced 61% from the low at the level of 1.2104. The bounce had been capped at the level of 1.2197 and is currently trading around the level of 1.2161 in neutral market conditions. The key short-term technical resistance is seen at the level of 1.2226 and the bounce had been capped around this level already. If there is no violation of this level soon, the bears might push the price lower towards the next technical support seen at 1.2051.
Weekly Pivot Points:
WR3 - 1.2381
WR2 - 1.2314
WR1 - 1.2237
Weekly Pivot - 1.2170
WS1 - 1.2081
WS2 - 1.2017
WS3 - 1.1937
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).
