FX.co ★ Technical Analysis of EUR/USD for October 6, 2021

Technical Market Outlook:

The EUR/USD pair has terminated the shallow bounce towards the level of 1.1648 (the local high was made at 1.1640) and is currently approaching the level of 1.1562, which is the last week low. The next target for bears is seen at 1.1514 and this is dangerously close to the key long-term technical support and high of March 2020 located at 1.1497. Any violation of this level would likely deepen the down move towards the level of 1.1365 or below. However, on the short-term time frames, the bulls are trying to break through the local technical resistance located at 1.1613 as the market is bouncing from the extremely oversold conditions.

Weekly Pivot Points:

WR3 - 1.1838

WR2 - 1.1781

WR1 - 1.1673

Weekly Pivot - 1.1619

WS1 - 1.1508

WS2 - 1.1452

WS3 - 1.1333

Trading Outlook:

The market is in control by bears that pushed the prices towards the level of 1.1562, which is the lowest level since November 2020. The next target for bears is seen at the level of 1.1497. 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.