Technical Market Outlook
The EUR/USD pair has been seen making lower lows and lower highs at the H4 time frame chart and the price keeps moving down under the trend line resistance. The last low was made at the level of 1.1656 (at the time of writing the article) and this level is the last month's low, so breakout below this level would be very bearish. The nearest technical resistance is seen at the level of 1.1683 and despite the recent effort has not been violated yet. The next target for bears is seen at the level of 1.1648 and 1.1655. Please notice the negative momentum supports the short-term bearish outlook.
Weekly Pivot Points:
WR3 - 1.1826
WR2 - 1.1789
WR1 - 1.1756
Weekly Pivot - 1.1721
WS1 - 1.1685
WS2 - 1.1645
WS3 - 1.1615
Trading Outlook:
The market is in control by bears 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.
