Technical Market Outlook:
The EUR/USD pair has made another significant lower low at the level of 1.1952 (at the time of writing the analysis) after the FOMC meeting conclusions are now being digested by traders. The US Dollar is being bought back up across the board, so the Euro might fall lower towards the technical support located at 1.1927 and 1.1914. Please notice, that the level of 1.1917 is the 61% Fibonacci retracement of the last wave up seen on the daily time frame chart, so any violation of this level will have a serious consequences for bulls.
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).
