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Technical Market Outlook:
The EUR/USD pair has finally broken out from the trading range and the supply zone located between the levels of 1.1332 - 1.1375 had been violated. Due to the overall weakness of the USD across the board, the bulls are now in control of the market. They managed to break out of the 7 month long descending channel and are heading towards the technical resistance located at 1.1497 - 1.1513 zone. This is a game changing zone and any violation of this zone will change the nearest outlook to bullish with a target at 1.1600.
Weekly Pivot Points:
WR3 - 1.1520
WR2 - 1.1448
WR1 - 1.1407
Weekly Pivot - 1.1337
WS1 - 1.1299
WS2 - 1.1231
WS3 - 1.1190
Trading Outlook:
The market is in control by bears that pushed the price way below the level of 1.1501, so a breakout above this level is a must for bulls. 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. The next important long-term target for bears is seen at the level of 1.1166
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