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Technical Market Outlook:
The EUR/USD pair had violated all of the Fibonacci retracement levels and is currently testing the key short-term supply zone located between the levels of 1.2154 - 1.2178. The local technical support is seen at the level of 1.2116 and 1.2080. The next target for bulls is located at the level of 1.2242. Please notice, the overbought market conditions are now showing some potential pullback towards the support might occur soon. The momentum remains strong and positive, which supports the short-term general bullish outlook for Euro.
Weekly Pivot Points:
WR3 - 1.2241
WR2 - 1.2301
WR1 - 1.2254
Weekly Pivot - 1.2121
WS1 - 1.2066
WS2 - 1.1965
WS3 - 1.1883
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).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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