Technical Market Outlook
The EUR/USD volatility had decreased as the market participants await for the FOMC interest rate decision and the press conference. The nearest technical resistance is located at 1.1613 and the bulls are trying to break through towards the level of 1.1624 and above. Nevertheless, despite the bounce, the momentum is hardly positive, so the bears are still in control of the market. The larger time frame trend remains down and any violation of the technical support located at 1.1501 will be negative for bulls in the short-term.
Weekly Pivot Points:
WR3 - 1.1790
WR2 - 1.1742
WR1 - 1.1638
Weekly Pivot - 1.1584
WS1 - 1.1479
WS2 - 1.1425
WS3 - 1.1310
Trading Outlook:
The market is in control by bears that pushed the prices towards the level of 1.1501, 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.
