FX.co ★ Technical Analysis of EUR/USD for August 4, 2021

Technical Market Outlook:

The EUR/USD pair has invalidated the Pennant price pattern and broke out of the consolidation zone towards the technical support seen at 1.1850. This is the key short-teACrm technical support level and if violated, then the next target for bears is seen at 1.1830 and 1.1823 zone. The momentum is still hovering above the neutral level of fifty, but the bears are trying to push the prices lower, so please keep an eye on the level or 1.1830.

Weekly Pivot Points:

WR3 - 1.2084

WR2 - 1.1997

WR1 - 1.1937

Weekly Pivot - 1.1848

WS1 - 1.1793

WS2 - 1.1703

WS3 - 1.1646

Trading Outlook:

The down trend might have been terminated and the market is ready to resume the up trend. When this cycle is scenario is confirmed by breakout above the level of 1.2000, the up trend can be continued towards the next long-term target located at the level of 1.2350 (high from 06.01.2021).