Technical Market Outlook
The EUR/USD pair keeps moving lower and lower in a search for a bottom. For now the bears are consolidating around the level of 1.0876 after the new swing low was made at 1.0806. The next long term technical support for bulls is seen at the level of 1.0726 and 1.0639. The key technical resistance on the weekly time frame chart is located at 1.1245. The local demand zone seen between the levels of 1.0850 - 1.0888 might be good for a temporary bounce towards the level of 1.0935, but it will not hold the bearish pressure for long. The market keeps trading inside the bearish zone and only a sustained breakout above the level of 1.1008 would temporary change the outlook to neutral.
Weekly Pivot Points:
WR3 - 1.1463
WR2 - 1.1348
WR1 - 1.1096
Weekly Pivot - 1.0991
WS1 - 1.0737
WS2 - 1.0618
WS3 - 1.0318
Trading Outlook:
The market is still in control by bears that pushed the price way below the level of 1.1245, so a breakout above this level is a must for bulls for a trend reversal. The next long-term technical support is located at 1.0639. The up trend can be continued towards the next long-term target located at the level of 1.1494 (high from 06.02.2022) only if bullish cycle scenario is confirmed by breakout above the level of 1.1186 and 1.1245, otherwise the bears will push the price lower towards the next long-term target at the level of 1.0639 or below.
