Technical Market Outlook
The EUR/USD pair had broken out from the narrow range located between the levels of 1.1258 - 1.1332 and made a local high at the level of 1.1359. The bounce had ended with a Bearish Engulfing candlestick pattern on the H4 time frame chart and the market reversed back into the short-term channel area. Only a sustained breakout above the 1.1332 - 1.1375, key short-term supply zone, would have change the outlook to more bullish the nearest future.
Weekly Pivot Points:
WR3 - 1.1504
WR2 - 1.1423
WR1 - 1.1371
Weekly Pivot - 1.1302
WS1 - 1.1231
WS2 - 1.1155
WS3 - 1.1080
Trading Outlook:
The market is in control by bears that pushed the price way below the level of 1.1501 and 1.1360, which was the lowest level since November 2020. The next important long-term target for bears is seen at the level of 1.1166. 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.