Technical Market Outlook:
Due to the overall weakness of the USD across the board, the bulls are now in control of the market, so the EUR/USD is climbing higher after a breakout from the trading range and is approaching the supply zone located between the levels of 1.1497 - 1.1513. This is a game changing zone and any violation of this zone will change the nearest outlook to bullish with a target at 1.1600. The nearest technical support is seen at the level of 1.1433. Please notice the current market conditions are extremely overbought, so a pull-back towards the support is very likely.
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, so a breakout above this level is a must for bulls. 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. The next important long-term target for bears is seen at the level of 1.1166.
