Technical Market Outlook

The EUR/USD pair has been seen making lower lows and lower highs at the H4 time frame chart. The price keeps moving down under the trend line resistance. The nearest technical resistance is seen at the level of 1.1752 and despite the recent effort has not been violated yet. The next target for bears is seen at the level of 1.1683 (September 23rd low) and then at 1.1665 and 1.1655. Please notice the negative momentum supports the short-term bearish outlook.

Weekly Pivot Points:

WR3 - 1.1826

WR2 - 1.1789

WR1 - 1.1756

Weekly Pivot - 1.1721

WS1 - 1.1685

WS2 - 1.1645

WS3 - 1.1615

Trading Outlook:

The market is in control by bears that might push the prices lower towards the key technical support located at 1.1599. There might be a bounce form this level, but the last rally out of the Falling Wedge pattern has failed anyway. 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.