Technical Market Outlook
The EUR/USD pair has bounced from the swing low seen at the level of 1.1121 and is approaching the 38% Fibonacci level located at 1.1259. The key supply zone is located between the levels of 1.1222 - 1.1234. Only if this zone is clearly broken the bigger correction is possible. The next targets for bulls are 1.1301 (50% Fibonacci retracement level) and 1.1344 (61% Fibonacci retracement level). The nearest technical support is seen at 1.1157 and 1.1200.
Weekly Pivot Points:
WR3 - 1.1479
WR2 - 1.1410
WR1 - 1.1284
Weekly Pivot - 1.1189
WS1 - 1.1030
WS2 - 1.0966
WS3 - 1.0806
Trading Outlook:
The market is in control by bears that pushed the price way below the level of 1.1501, so a breakout above this level is a must for bulls for a trend reversal. The next long-term technical support is located at 1.1167. 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 1.1501 and 1.1599,m otherwise the bears will push the price lower towards the next long-term target at the level of 1.1166.