Technical Market Outlook
The EUR/USD pair has closed the monthly candle on the lowest level since November 2020. The last low was made at the level of 1.1562 and this level is below the last month's low. The nearest technical resistance is seen at the level of 1.1612 and despite the recent effort and extremely oversold market conditions has not been violated yet. The next target for bears is seen at the level of 1.1539 and 1.1514. 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 pushed the prices below the key technical support located at 1.1599. The recent low was made at the level of 1.1562, which is the lowest level since November 2020. The next target for bears is seen at the level of 1.1495. 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.
