Technical Market Outlook
The EUR/USD pair has retraced 50% of the last wave up,bounced from the level of 1.1774 and is currently testing the short-term trend line resistance seen at 1.1815. Any violation of this trend line opens the road towards the next target seen at 1.1830 and 1.1857. The intraday technical support is seen at 1.1804. The momentum is neutral-to-positive and the market conditions are bouncing from the oversold conditions, so the bulls might try to break out and rally.
Weekly Pivot Points:
WR3 - 1.1947
WR2 - 1.1912
WR1 - 1.1832
Weekly Pivot - 1.1824
WS1 - 1.1765
WS2 - 1.1741
WS3 - 1.1684
Trading Outlook:
The market is in control by supply that might push the prices lower towards the key technical support located at 1.1599. There might be a bounce form this level, but the last rally out of the Falling Wedge pattern has failed anyway. The up trend can be continued towards the next long-term target located at the level of 1.2350 (high from 06.01.2021) only if bullish cycle scenario is confirmed by breakout above the level of 1.1909 and 1.2000.
