Technical Market Outlook:
The EUR/USD pair had failed to break through the key short-term supply zone located between the levels of 1.2154 - 1.2178. the bears had made a new local low at the level of 1.2115, which is below the local technical support is seen at the level of 1.2116. The next target for bears is located at the level of 1.2079. Please notice, the overbought market conditions are now showing some potential pullback towards the support might occur soon. The momentum remains strong and positive, which supports the short-term general bullish outlook for Euro.
Weekly Pivot Points:
WR3 - 1.2241
WR2 - 1.2301
WR1 - 1.2254
Weekly Pivot - 1.2121
WS1 - 1.2066
WS2 - 1.1965
WS3 - 1.1883
Trading Recommendations:
The daily time frame chart show the breakout above the trend line resistance and a new swing high above the recent Doji candlestick high. The momentum is strong and positive, so the up trend can be continued towards the next long-term target located at the level of 1.2241 (25.02.2021) and 1.2350 (06/01/2021).
