Technical Market Outlook
The EUR/USD rally had been capped at the level of 1.1185, just below the key short-term technical resistance located at 1.1234. The market is back inside the neutral zone, which means the local low was made at the level of 1.1052. Moreover, the market conditions are overbought, so any violation of the level of 1.1047 will indicate a mature neutral market, so please keep an eye on this level and on the whole demand zone located between the levels of 1.1073 - 1.1047. The nearest technical resistance is seen at the level of 1.1073 and 1.1121.
Weekly Pivot Points:
WR3 - 1.1463
WR2 - 1.1271
WR1 - 1.1169
Weekly Pivot - 1.1030
WS1 - 1.0932
WS2 - 1.0797
WS3 - 1.0418
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.
