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Technical Market Outlook
The EUR/USD pair is back to the trading range after the bullish attempts to resume the rally had failed despite the extremely overbought market conditions. The market broke below 61% Fibonacci retracement and is currently trading around the technical support seen at 1.1332. The next technical support is seen at the level of 1.1303 and 1.1260. This is a very deep pull-back, so the bears might try to push the price towards 1.1260 if the level of 1.1433 is not violated soon.
Weekly Pivot Points:
WR3 - 1.1710
WR2 - 1.1596
WR1 - 1.1513
Weekly Pivot - 1.1393
WS1 - 1.1312
WS2 - 1.1198
WS3 - 1.1117
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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