Technical Market Outlook:
The EUR/USD pair has been seen approaching the technical resistance located at 1.1613 as the bullish divergence between the price and the momentum oscillator at the H4 time frame chart is being played out. The market conditions are now bouncing from the oversold levels, so any violation of this level opens the road towards the next technical resistance seen at 1.1648 - 1.1665. On the other hand, the level of 1.1497 remains the key long-term technical support for bulls and any violation of this level will be seen as very negative for bulls.
Weekly Pivot Points:
WR3 - 1.1734
WR2 - 1.1687
WR1 - 1.1623
Weekly Pivot - 1.1577
WS1 - 1.1516
WS2 - 1.1462
WS3 - 1.1405
Trading Outlook:
The market is in control by bears that pushed the prices towards the level of 1.1562, which is the lowest level since November 2020. The next target for bears is seen at the level of 1.1497. 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.
