Technical Market Outlook:
The EUR/USD pair has bounced from the low at 1.1704 and continues to move higher. The next target for bulls is seen at the level of 1.1809, which is a 50% Fibonacci retracement level. The momentum is strong and positive, the market conditions are not overbought yet, so the outlook remains bullish. The immediate technical support is seen at 1.1760, the key short-term technical support is located at 1.1752.
Weekly Pivot Points:
WR3 - 1.1930
WR2 - 1.1870
WR1 - 1.1843
Weekly Pivot - 1.1772
WS1 - 1.1740
WS2 - 1.1673
WS3 - 1.1643
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.
