Technical Market Outlook:
The EUR/USD pair has hit the 50% retracement of the last wave down located at the level of 1.1891, so now the level of 1.1873 and 1.1883 will act as a technical support for the price. The market conditions are now bouncing from the oversold levels, so the odds for a corrective move to the upside is high. If the level of 1.1891 is clearly violated, the next target for bulls is seen at the level of 1.1911 (61% Fibonacci retracement) and 1.1940 (local technical resistance level). The larger time frame trend remains down as long as the level of 1.1975 is not broken.
Weekly Pivot Points:
WR3 - 1.2065
WR2 - 1.2006
WR1 - 1.1929
Weekly Pivot - 1.1867
WS1 - 1.1794
WS2 - 1.1726
WS3 - 1.1657
Trading Recommendations:
The down trend continues with a new swing low being made. 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).
