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Technical Analysis of EUR/USD for October 11, 2021

Technical Market Outlook:

The EUR/USD pair has bounced towards the level of 1.1613, which is the key short-term technical resistance for bulls, but the last local high was made only at the level of 1.1586. Despite the oversold market conditions, the momentum remains neutral. There is a clear bullish divergence between the price and the momentum oscillator at the H4 time frame chart, so odds for a bounce continuation are high. The level of 1.1497 remains the key long-term technical support for bulls and any violation of this level will be seen as very negative for bulls.

Weekly Pivot Points:

WR3 - 1.1734

WR2 - 1.1687

WR1 - 1.1623

Weekly Pivot - 1.1577

WS1 - 1.1516

WS2 - 1.1462

WS3 - 1.1405

Trading Outlook:

The market is in control by bears that pushed the prices towards the level of 1.1562, which is the lowest level since November 2020. The next target for bears is seen at the level of 1.1497. 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.

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The material has been provided by InstaForex Company - www.instaforex.com