Technical Market Outlook
The EUR/USD pair is back to the trading range after the bullish attempts to resume the rally had failed at the level of 1.1482. The market is currently trading around the technical resistance seen at 1.1361 and it looks like the bulls will be rejected again from this level as the Pin Bar candlestick is in progress. The next technical support for bulls is the yesterday's low seen at the level of 1.1314 and in a case of a breakout - the next level is seen at 1.1285. Please notice the momentum is slightly negative and the market conditions are oversold, so if the bulls are not able to rally in that situation, then the bears will size the day and push the market lower.
Weekly Pivot Points:
WR3 - 1.1710
WR2 - 1.1596
WR1 - 1.1513
Weekly Pivot - 1.1393
WS1 - 1.1312
WS2 - 1.1198
WS3 - 1.1117
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 for a trend reversal. The next long-term technical support is located at 1.1167. 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 1.1501 and 1.1599,m otherwise the bears will push the price lower towards the next long-term target at the level of 1.1166.
