Technical Market Outlook:
The EUR/USD pair has made a new marginal lower low at the level of 1.2092 and bounced to the level of 1.2144 when was capped after the Pin Par candlestick pattern was made. Currently, the market is back inside the range zone. The next technical resistance is seen at the level of 1.2160 and if this level is violated then there is a chance for a bigger bounce. On the other hand, the market is already out of the main channel on the daily time frame chart, so any new intraday low would likely extend the wave down towards the next technical support seen at 1.2051.
Weekly Pivot Points:
WR3 - 1.2289
WR2 - 1.2243
WR1 - 1.2141
Weekly Pivot - 1.2125
WS1 - 1.2038
WS2 - 1.2001
WS3 - 1.1909
Trading Recommendations:
The daily time frame chart show the market coming off the overbought conditions and neutral to negative momentum, so the distribution cycle is being continued. When this cycle is terminated, the up trend can be continued towards the next long-term target located at the level of 1.2350 (high from 06.01.2021).
