Technical Market Outlook:
The strong technical support had been established at the level of 1.1761 on the EUR/USD pair and the bears had failed to break through it many times already. The bulls has broken out of the Falling Wedge pattern and are about to test the level of 1.1873 which is the key short-term resistance. The corrective cycle can be terminated if the level of 1.1883 is clearly broken. The rising positive and strong momentum supports the short-term bullish outlook despite the overbought market conditions on the H4 time frame chart.
Weekly Pivot Points:
WR3 - 1.1888
WR2 - 1.1859
WR1 - 1.1808
Weekly Pivot - 1.1781
WS1 - 1.1732
WS2 - 1.1699
WS3 - 1.1653
Trading Recommendations:
The down trend continues with a new swing low being made around the level of 1.1761. The key long term technical support is seen at 1.1704 and the Falling Wedge pattern is being made around this level. 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).
