Technical Market Outlook:
The EUR/USD pair still has broken below the key short-term technical support seen at the level of 1.1915, the local low was made at the level of 1.1905. In a case of a failure to bounce higher, the next target for bears is the long term trend line support around the level of 1.1874. Any breakout below this line would trigger another wave down towards the key technical support seen at the level of 1.1704. The nearest technical resistance is located at the level of 1.1986.
Weekly Pivot Points:
WR3 - 1.2122
WR2 - 1.2049
WR1 - 1.1996
Weekly Pivot - 1.1919
WS1 - 1.1862
WS2 - 1.1786
WS3 - 1.1733
Trading Recommendations:
The distribution cycle had been completed and now the market is on the move down. The key long term technical support is seen at 1.1704. 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).
