Technical Market Outlook
The EUR/USD pair has bounced form the level of 1.1228 and is now back in the middle of the range. The market is consolidating in a narrow range located between the levels of 1.1265 - 1.1302. The next target for bears is seen at the level of 1.1228 - 1.1222, but the game changing level is the technical support seen at 1.1185. Only a sustained breakout above the 1.1332 - 1.1375, key short-term supply zone, would have change the outlook to more bullish the nearest future.
Weekly Pivot Points:
WR3 - 1.1445
WR2 - 1.1399
WR1 - 1.1307
Weekly Pivot - 1.1265
WS1 - 1.1167
WS2 - 1.1124
WS3 - 1.1028
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.
