Technical Market Outlook:
The EUR/USD pair had extended the bounce from the last week low seen at 1.0757, but so far the bounce is still rather shallow as the bearish/neutral market border located at 1.0887 has not been tested yet (the local high was made at the level of 1.0874 so far)If the last week low is clearly violated, then the bears might push the price towards the technical support seen at 1.0654 (the key long term technical support for bulls) despite the extremely oversold market conditions. The down trend continues lower and there is no indication of down trend termination or reversal yet. The nearest technical resistance is located at 1.0887 and 1.0899 (bearish/neutral market border).
Weekly Pivot Points:
WR3 - 1.1073
WR2 - 1.1001
WR1 - 1.0893
Weekly Pivot - 1.823
WS1 - 1.0717
WS2 - 1.0648
WS3 - 1.0538
Trading Outlook:
The market is still in control by bears that pushed the price way below the level of 1.1185, so a breakout above this level is a must for bulls for a trend reversal. The next long-term technical support is located at 1.0639. The up trend can be continued towards the next long-term target located at the level of 1.1494 (high from 06.02.2022) only if bullish cycle scenario is confirmed by breakout above the level of 1.1186 and 1.1245, otherwise the bears will push the price lower towards the next long-term target at the level of 1.0639 or below.