Technical Market Outlook
The EUR/USD pair has broken above the short-term trend line resistance seen at the level of 1.1295 and hit the technical resistance located at the level of 1.1347. Despite the attempt to rally, the market is slowly moving lower again, but so far is still trading above the trend line. Any violation of the lower channel line, located around the level of 1.1264, would result in a sell-off acceleration towards the level of 1.1228 and 1.1185 again. Only a sustained breakout above the 1.1332 - 1.1375 key short-term resistance zone would have change the outlook to more bullish in the nearest future.
Weekly Pivot Points:
WR3 - 1.1528
WR2 - 1.1456
WR1 - 1.1385
Weekly Pivot - 1.1307
WS1 - 1.1236
WS2 - 1.1160
WS3 - 1.1085
Trading Outlook:
The market is in control by bears that pushed the price way below the level of 1.1501 and 1.1360, which was the lowest level since November 2020. The next important long-term target for bears is seen at the level of 1.1166. 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.
