Technical Market Outlook

The EUR/USD pair has hit the 61% Fibonacci retracement level seen at 1.1758 (low was made at 1.1751) and bounced slightly towards the technical resistance seen at 1.1774. The market keeps making lower highs and lower lows, so the odds for another down move are still high. The next target is seen at the level of 1.1751 (previous local low) and 1.1705 (technical support). The key short-term technical support is seen at the level of 1.1751, so any violation of this level would lead to another sell-off and lower low.

Weekly Pivot Points:

WR3 - 1.1947

WR2 - 1.1912

WR1 - 1.1832

Weekly Pivot - 1.1824

WS1 - 1.1765

WS2 - 1.1741

WS3 - 1.1684

Trading Outlook:

The market is in control by supply that might push the prices lower towards the key technical support located at 1.1599. There might be a bounce form this level, but the last rally out of the Falling Wedge pattern has failed anyway. 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.