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06.08.2021 09:15 AMTechnical Market Outlook:
The EUR/USD pair has broken below the 50% retracement of the last wave up and hit the level of 1.1818 ahead of the NFP-Payrolls data release. The violation of this retracement level would lead to another wave town towards 61% Fibonacci retracement located at 1.1812. Please notice the market conditions are getting oversold and the momentum is breaking below the fifty level. The immediate technical resistance is seen at the level of 1.1850.
Weekly Pivot Points:
WR3 - 1.2084
WR2 - 1.1997
WR1 - 1.1937
Weekly Pivot - 1.1848
WS1 - 1.1793
WS2 - 1.1703
WS3 - 1.1646
Trading Outlook:
The down trend might have been terminated and the market is ready to resume the up trend. When this cycle is scenario is confirmed by breakout above the level of 1.2000, the up trend can be continued towards the next long-term target located at the level of 1.2350 (high from 06.01.2021).
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