Technical Market Outlook

After the bulls have managed to retrace almost 50% of the last wave down as the price has hit the technical resistance at 1.3749 the bounce was capped and reversed. The next target for bulls is still seen at 1.3760 and 1.3796, but for now the market is consolidating around the level of 1.3692 in neutral conditions. The intraday support is seen at the level of 1.3658, so any violation of this level would deepen the down move towards the Double Bottom line seen at 1.3602.

Weekly Pivot Points:

WR3 - 1.3864

WR2 - 1.3810

WR1 - 1.3734

Weekly Pivot - 1.3672

WS1 - 1.3592

WS2 - 1.3527

WS3 - 1.3453

Trading Outlook:

The weekly time frame chart still shows, that the up trend is still intact and the corrective wave had terminated at the level of 1.3571. Only a sustained violation of the level of 1.3518 would trigger a bigger down move than a regular pull-back. The up trend can be continued towards the next long-term target located at the level of 1.4246 (high from 24.02.2021).