FX.co ★ Technical Analysis of EUR/USD for October 29, 2021

Technical Market Outlook

The EUR/USD pair has broken above the supply zone located between the levels of 1.1665 - 1.1655,so now the outlook change to more bullish. The next target for bulls is located at the level of 1.1700 and the level of 1.1665 will now act as a technical support. The market conditions are bouncing from the oversold levels and the momentum is strong and positive already.

Weekly Pivot Points:

WR3 - 1.1784

WR2 - 1.1726

WR1 - 1.1691

Weekly Pivot - 1.1630

WS1 - 1.1593

WS2 - 1.1532

WS3 - 1.1494

Trading Outlook:

The market is in control by bears that pushed the prices towards the level of 1.1562, which is the lowest level since November 2020. The next target for bears is seen at the level of 1.1497. 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.