Technical Market Outlook

The EUR/USD pair has broken above the short-term trend line resistance, but after a local high was made at the level of 1.1045 the bounce was capped and the price moved lower again. The outlook remains bullish, however, the market is getting closer to this week lows located at the level of 1.0959. The market conditions are still neutral, however any violation of the level of 1.0899 will indicate a bearish market, so please keep an eye on this level and on the whole demand zone located between the levels of 1.0899 - 1.0850. The nearest technical resistance is seen at the level of 1.1013 and 1.1047.

Weekly Pivot Points:

WR3 - 1.1463

WR2 - 1.1271

WR1 - 1.1169

Weekly Pivot - 1.1030

WS1 - 1.0932

WS2 - 1.0797

WS3 - 1.0418

Trading Outlook:

The market is still in control by bears that pushed the price way below the level of 1.1245, so a breakout above this level is a must for bulls for a trend reversal. The next long-term technical support is located at 1.0639. The up trend can be continued towards the next long-term target located at the level of 1.1494 (high from 06.02.2022) only if bullish cycle scenario is confirmed by breakout above the level of 1.1186 and 1.1245, otherwise the bears will push the price lower towards the next long-term target at the level of 1.0639 or below.