Technical Market Outlook:
The EUR/USD pair has been seen approaching the key long-term technical support and this years low located at the level of 1.1704. This support had been made in the end of March 2021, so it is the key technical support for bulls, because if bears break below this level, then EUR/USD will be at the new yearly lows (so far). Please notice, the market at the daily time frame chart is far from being oversold and if the bearish pressure intensify, then the next target for them is seen at the level of 1.1599 and 1.1569 (2020 lows). The nearest technical resistance is located at 1.1752.
Weekly Pivot Points:
WR3 - 1.1977
WR2 - 1.1937
WR1 - 1.1832
Weekly Pivot - 1.1791
WS1 - 1.1685
WS2 - 1.1644
WS3 - 1.1542
Trading Outlook:
Despite the recent breakout form the Falling Wedge pattern, the rally did not last for long and the down cycle had been resumed. When this cycle scenario is confirmed by breakout above the level of 1.2000, the up trend can be continued towards the next long-term target located at the level of 1.2350 (high from 06.01.2021). However, for now, the market is control by demand that might push the prices lower towards the key technical support located at 1.1599.
