08.09.202109:35 Forex Analysis & Reviews: Technical Analysis of EUR/USD for September 8, 2021

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Technical Market Outlook

The EUR/USD pair has bounced from the technical support seen at the level of 1.1830 after it felt out from the ascending channel. The rally from the lows at 1.1665 was capped at the level of 1.1908, which is the part of the supply zone and since then the market is moving lower. The next target for bears is seen at the level of 1.1804. The weak and negative momentum supports the bearish short-term outlook.

Weekly Pivot Points:

WR3 - 1.2067

WR2 - 1.1974

WR1 - 1.1938

Weekly Pivot - 1.1862

WS1 - 1.1815

WS2 - 1.1732

WS3 - 1.1667

Trading Outlook:

The bulls had tested the last high made after the breakout from the Falling Wedge pattern, but so far they failed to continue the rally. When this cycle scenario is confirmed by breakout above the level of 1.2000, the up trend can be continued towards the next long-term target located at the level of 1.2350 (high from 06.01.2021). However, for now, the market is in control by demand that might push the prices lower towards the key technical support located at 1.1599.

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