27.01.202109:57 Forex Analysis & Reviews: Technical Analysis of EUR/USD for January 27, 2021

Technical Market Outlook:

The EUR/USD pair has been consolidating around the supply zone for quite some time now, but the bulls keep getting rejected from the level of 1.2178, so the bears are in control of the market. The pair has broken below the technical support seen at the level of 1.2154 and is heading towards the next target located at the level of 1.2088. The momentum indicator is below the neutral level already and the market is coming off the overbought conditions, so more downside is expected. The key technical support is located at the level of 1.2053.

Weekly Pivot Points:

WR3 - 1.2372

WR2 - 1.2272

WR1 - 1.2235

Weekly Pivot - 1.2140

WS1 - 1.2099

WS2 - 1.2009

WS3 - 1.1957

Trading Recommendations:

Since the middle of March 2020 the main trend is on EUR/USD pair has been up. This means any local corrections should be used to buy the dips until the key technical support seen at the level of 1.1609 is broken. The key long-term technical resistance is seen at the level of 1.2555. Any violation of the level of 1.2154 supports the trend change/corrective cycle scenario.