Technical Market Outlook:
The EUR/USD pair has bounced from the 61% Fibonacci retracement level located at 1.2060 and is continuing to move higher. The next target for bulls is seen at the level of 1.2154 - 1.2178, which is the key short-term supply zone. Any violation of this zone will likely lead to another wave up with a target at the level of 1.2200. Please notice, the market conditions are oversold and the momentum is strong and positive, which supports the short-term bullish outlook for this pair.
Weekly Pivot Points:
WR3 - 1.2241
WR2 - 1.2301
WR1 - 1.2254
Weekly Pivot - 1.2121
WS1 - 1.2066
WS2 - 1.1965
WS3 - 1.1883
Trading Recommendations:
The daily time frame chart show the breakout above the trend line resistance and a new swing high above the recent Doji candlestick high. The momentum is strong and positive, so the up trend can be continued towards the next long-term target located at the level of 1.2241 (25.02.2021) and 1.2350 (06/01/2021).
