Technical Market Outlook:
The EUR/USD pair made a local low at the level of 1.0854 (at the time of writing this article) and is currently trying to bounce towards the technical resistance located at the level of 1.0871. In case of a failure, any violation of the local low will expose the lower levels of the bearish market zone, down towards the level of 1.0805. The nearest technical resistance is seen at the level of 1.0871, however, the weak and negative momentum indicate more downside to come soon, despite the extremely oversold market conditions.
Weekly Pivot Points:
WR3 - 1.1403
WR2 - 1.1286
WR1 - 1.1162
Weekly Pivot - 1.1052
WS1 - 1.0921
WS2 - 1.0813
WS3 - 1.0681
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.
