Technical Market Outlook

The EUR/USD pair has hit the level of 1.1705 and currently is trying to bounce towards the level of 1.1751. The bulls are now back inside the descending channel and trying to continue the up move towards the level of 1.1751. On the other hand, the next target for bears is seen at the level of 1.1695. Any violation of the latter would extend the sell-off towards the level of 1.1665, which is the last month's low. The nearest technical resistance is seen at 1.1751 and 1.1730. The weak and negative momentum supports the short-term bearish outlook for EUR despite the extremely oversold market conditions at the H4 time frame chart.

Weekly Pivot Points:

WR3 - 1.1907

WR2 - 1.1876

WR1 - 1.1786

Weekly Pivot - 1.1754

WS1 - 1.1665

WS2 - 1.1630

WS3 - 1.1543

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.