Technical Market Outlook
The EUR/USD pair has broken above the supply zone located between the levels of 1.1665 - 1.1655,so now the outlook change to more bullish. The next target for bulls is located at the level of 1.1700 and the level of 1.1665 will now act as a technical support. The market conditions are bouncing from the oversold levels and the momentum is strong and positive already.
Weekly Pivot Points:
WR3 - 1.1784
WR2 - 1.1726
WR1 - 1.1691
Weekly Pivot - 1.1630
WS1 - 1.1593
WS2 - 1.1532
WS3 - 1.1494
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.
