Technical Market Outlook:
The EUR/USD pair has bounced from the lows at the level of 1.0809 after the Bullish Engulfing candlestick pattern was made. Currently, the price has entered the neutral zone and is heading towards the level of 1.0961. Nevertheless, for now the outlook is still bearish and the next target for bears is seen at 1.0805 and 1.0781. Only a sustained breakout above the level of 1.0961 would change the outlook to more bullish in the short-term and the down trend could have been terminated. The key technical resistance is located at 1.0944 (the border between short-term neutral and bullish market is seen at 1.0961). On the weekly time frame chart, the next target for bears is seen at the 2020 lows located at 1.0639.
Weekly Pivot Points:
WR3 - 1.1215
WR2 - 1.1132
WR1 - 1.1005
Weekly Pivot - 1.0914
WS1 - 1.0779
WS2 - 1.0669
WS3 - 1.0586
Trading Outlook:
The market is still in control by bears that pushed the price way below the level of 1.1185, 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.
