Technical Market Outlook:

The EUR/USD bounce had been capped just below the key short-term technical resistance seen at the level of 1.2226. The Pin Bar candlestick formation was made at the top of the bounce at the level of 1.2217, so the bears are not sleeping and they are trying to take the control back over this market. If there is no violation of this level soon, the bears might push the price lower towards the next technical support seen at 1.2051. The momentum is negative and the market conditions are overbought, which supports the short-term bearish outlook.

Weekly Pivot Points:

WR3 – 1.2381

WR2 – 1.2314

WR1 – 1.2237

Weekly Pivot – 1.2170

WS1 – 1.2081

WS2 – 1.2017

WS3 – 1.1937

Trading Recommendations:

The daily time frame chart show the breakout above the trend line resistance and a new swing high above the recent Doji candlestick high. The momentum is strong and positive, so the up trend can be continued towards the next long-term target located at the level of 1.2241 (25.02.2021) and 1.2350 (06/01/2021).

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The material has been provided by InstaForex Company – www.instaforex.com

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