Technical Market Outlook
The EUR/USD pair has retraced 50% of the last wave up and hit the level of 1.1787. The momentum is weak and negative, so despite the oversold market conditions, the bears might try to push the price towards the 61% Fibonacci retracement seen at 1.1758 before any meaningful bounce occur. The key intraday technical resistance is seen at 1.1804. The next technical support is located at 1.1774.
Weekly Pivot Points:
WR3 - 1.1947
WR2 - 1.1912
WR1 - 1.1832
Weekly Pivot - 1.1824
WS1 - 1.1765
WS2 - 1.1741
WS3 - 1.1684
Trading Outlook:
The market is in control by supply that might push the prices lower towards the key technical support located at 1.1599. There might be a bounce form this level, but the last rally out of the Falling Wedge pattern has failed anyway. 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 1.1909 and 1.2000.
