Technical Market Outlook:
The EUR/USD pair has made a new swing low at the level of 1.1807, but due to the Bullish Engulfing pattern at the H4 time frame chart, the bulls are now trying to bounce higher. The nearest technical resistance is seen at the level of 1.1873 and 1.1883. The market conditions are now bouncing from the oversold levels, so the odds for a corrective move to the upside is high. If the level of 1.1883 is clearly violated, the next target for bulls is seen at the level of 1.1920. The larger time frame trend remains down as long as the level of 1.1975 is not broken.
Weekly Pivot Points:
WR3 - 1.2065
WR2 - 1.2006
WR1 - 1.1929
Weekly Pivot - 1.1867
WS1 - 1.1794
WS2 - 1.1726
WS3 - 1.1657
Trading Recommendations:
The down trend continues with a new swing low being made. 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).
