FX.co ★ Technical Analysis of EUR/USD for June 24, 2021

Technical Market Outlook:

The EUR/USD pair has been trying to bounce from the extremely oversold market conditions. The bounce might hit the technical resistance located at 1.1986 - 1.1991, but so far the bulls manage to make a local high at 1.1970 only. The next target for bears is the long term trend line support around the level of 1.1795 (marked as orange line on the daily time frame chart). Any violation below this line would trigger another wave down towards the key technical support seen at the level of 1.1704. The nearest technical resistance is located at the level of 1.1986.

Weekly Pivot Points:

WR3 - 1.2305

WR2 - 1.2222

WR1 - 1.2007

Weekly Pivot - 1.1927

WS1 - 1.1702

WS2 - 1.1620

WS3 - 1.1401

Trading Recommendations:

The distribution cycle had been completed and now the market is on the move down. The key long term technical support is seen at 1.1704. When this cycle is terminated, the up trend can be continued towards the next long-term target located at the level of 1.2350 (high from 06.01.2021).