Technical Market Outlook
After the bulls have managed to retrace almost 50% of the last wave down as the price has hit the technical resistance at 1.3749 the bounce was capped and reversed. The next target for bulls is still seen at 1.3760 and 1.3796, but for now the market is consolidating around the level of 1.3692 in neutral conditions. The intraday support is seen at the level of 1.3658, so any violation of this level would deepen the down move towards the Double Bottom line seen at 1.3602.
Weekly Pivot Points:
WR3 - 1.3864
WR2 - 1.3810
WR1 - 1.3734
Weekly Pivot - 1.3672
WS1 - 1.3592
WS2 - 1.3527
WS3 - 1.3453
Trading Outlook:
The weekly time frame chart still shows, that the up trend is still intact and the corrective wave had terminated at the level of 1.3571. Only a sustained violation of the level of 1.3518 would trigger a bigger down move than a regular pull-back. The up trend can be continued towards the next long-term target located at the level of 1.4246 (high from 24.02.2021).
