Technical Market Outlook:
The EUR/USD pair has been seen trading inside the zone located between the levels of 1.1303 - 1.1332 since late November 2021 and the market does not look like is heading anywhere soon. The recent test of the level of 1.1375, which is the upper zone level has failed and the market is going back to the range. The momentum keeps hovering around the neutral level of fifty, so the sustained breakout above the zone is still on table, however, due to the low liquidity levels the volatility is high and the market keeps making whipsaw moves. Only a sustained breakout above the 1.1332 - 1.1375 would have change the outlook to more bullish in the nearest future.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. Traders await the meaningful breakout in either direction.
Weekly Pivot Points:
WR3 - 1.1520
WR2 - 1.1448
WR1 - 1.1407
Weekly Pivot - 1.1337
WS1 - 1.1299
WS2 - 1.1231
WS3 - 1.1190
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.
