Technical Market Outlook
The EUR/USD pair had broken above the range, but the breakout was very short-lived and the bears pushed the price back to the zone. 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 sustained 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 - 1.1548
WR2 - 1.1461
WR1 - 1.1437
Weekly Pivot - 1.3050
WS1 - 1.1319
WS2 - 1.1241
WS3 - 1.1214
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.
