Technical Market Outlook
The EUR/USD pair made a new swing low 1.1186, which is 20 pips away from the key long-term technical support from June 2020. The current market condition's at the H4 time frame chart are still extremely oversold, but recently the bulls had broken out of the descending channel and tested the technical resistance located at 1.1263. Nevertheless, the key technical resistance is seen at the level of 1.1513 and as long as the price trade below this level, the outlook is bearish.
Weekly Pivot Points:
WR3 - 1.1603
WR2 - 1.1531
WR1 - 1.1388
Weekly Pivot - 1.1319
WS1 - 1.1173
WS2 - 1.1107
WS3 - 1.0965
Trading Outlook:
The market is in control by bears that pushed the price below the level of 1.1501, which was the lowest level since November 2020. The next important long-term target for bears is seen at the level of 1.1365. 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.
