Technical Market Outlook
The EUR/USD pair has broken through the level of 1.1303 and is testing the key short-term supply zone again. The zone is located between the levels of 1.1303 - 1.1332 and only a sustained breakout above the 1.1332 - 1.1375 would have change the outlook to more bullish in the nearest future. The momentum remains strong and positive, so the breakout above the zone is still on table, however, due to the low liquidity levels the volatility is low and the market keeps consolidating for now. On the other hand, 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.
Weekly Pivot Points:
WR3 - 1.4871
WR2 - 1.1412
WR1 - 1.1369
Weekly Pivot - 1.3000
WS1 - 1.1264
WS2 - 1.1194
WS3 - 1.1155
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.
