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.