The EUR/USD pair set a new swing low 1.1227, which is bullish. The lower channel line was not tested, and the bulls were rebuffed. The bears’ next goal is 1.1185, but if the bulls break out of the channel, the bears’ next target may be delayed. In light of the current market conditions, a bounce towards the local technical resistance would be expected. The important technical resistance is visible at 1.1513, and the prognosis is bearish as long as the price trades below it.
PIVOT POINTS WEEKLY
1.1603
1.1531 WR2
1.1388 WR1
Pivot – 1.1319
1.1173
1.1107
1.0965 WS3
Forecast:
Bears have taken control of the market, pushing the price below 1.1501, the lowest level since November 2020. The bears’ next major long-term goal is 1.1365. Only a breakout over 1.1909 and 1.2000 can validate the bullish cycle scenario and take the price to the next long-term goal at 1.2350 (high from 06.01.2021).