Technical Market Outlook:
The bounce from the 61% Fibonacci retracement seen at 1.3867 was very short lived and currently the market is trading below this level. Please notice, the momentum is now negative, the price stays under the short-term trend line resistance and the market conditions are now coming off the overbought levels. The nearest technical support is seen at 1.3859, the nearest technical resistance is located at 1.3965 and 1.3982.
Weekly Pivot Points:
WR3 - 1.4200
WR2 - 1.4101
WR1 - 1.3989
Weekly Pivot - 1.3882
WS1 - 1.3772
WS2 - 1.3669
WS3 - 1.3557
Trading Recommendations:
The weekly time frame chart still shows, that the up trend is intact.Only a sustained violation of the level of 1.3518 would trigger a bigger down move than a regular pull-back. When the corrective cycle is terminated, the up trend can be continued towards the next long-term target located at the level of 1.4222 (high from 24.02.2021).
