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Technical Market Outlook
The EUR/USD pair has broken above the supply zone located between the levels of 1.1752 - 1.1760 and made a new local high at the level of 1.1774. The market conditions are overbought on the H4 time frame chart, so the bears might try to resume the down move, but the momentum remains strong and positive. Any violation of the level of 1.1725 will open the road towards the next target for bears located at 1.1705 and 1.1695.
Weekly Pivot Points:
WR3 - 1.1899
WR2 - 1.1846
WR1 - 1.1764
Weekly Pivot - 1.1712
WS1 - 1.1624
WS2 - 1.1574
WS3 - 1.1486
Trading Outlook:
Despite the recent breakout form the Falling Wedge pattern, the rally did not last for long and the down cycle had been resumed. 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 control by demand that might push the prices lower towards the key technical support located at 1.1599.
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