Technical Market Outlook
The EUR/USD pair has broken below the short-term technical support located at the level of 1.1613 and made a new local low during the down wave at the level of 1.1590. The momentum is seen under the level of fifty already, so the bearish pressure intensify and the bears might test the technical support at the level of 1.1572 soon. Only a sustained breakout above the supply zone located between the levels of 1.1665 - 1.1655 would change the outlook to more bullish, but so far no avail.
Weekly Pivot Points:
WR3 - 1.1784
WR2 - 1.1726
WR1 - 1.1691
Weekly Pivot - 1.1630
WS1 - 1.1593
WS2 - 1.1532
WS3 - 1.1494
Trading Outlook:
The market is in control by bears that pushed the prices towards the level of 1.1562, which is the lowest level since November 2020. The next target for bears is seen at the level of 1.1497. 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.