Technical Market Outlook:

The EUR/USD pair has finally broken out from the trading range and the supply zone located between the levels of 1.1332 - 1.1375 had been violated. Due to the overall weakness of the USD across the board, the bulls are now in control of the market. They managed to break out of the 7 month long descending channel and are heading towards the technical resistance located at 1.1497 - 1.1513 zone. This is a game changing zone and any violation of this zone will change the nearest outlook to bullish with a target at 1.1600.

Weekly Pivot Points:

WR3 - 1.1520

WR2 - 1.1448

WR1 - 1.1407

Weekly Pivot - 1.1337

WS1 - 1.1299

WS2 - 1.1231

WS3 - 1.1190

Trading Outlook:

The market is in control by bears that pushed the price way below the level of 1.1501, so a breakout above this level is a must for bulls. 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. The next important long-term target for bears is seen at the level of 1.1166