Technical Market Outlook:
The EUR/USD pair has hit the technical resistance located at 1.1613 and made a new local high at the level of 1.1624 during the bounce. The market conditions are now overbought, 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. Please notice the market keeps trading inside of the descending channel, so the beards are still in control of the market.
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.
