Technical Analysis of EUR/USD for October 1, 2021

Technical Market Outlook

The EUR/USD pair has closed the monthly candle on the lowest level since November 2020. The last low was made at the level of 1.1562 and this level is below the last month's low. The nearest technical resistance is seen at the level of 1.1612 and despite the recent effort and extremely oversold market conditions has not been violated yet. The next target for bears is seen at the level of 1.1539 and 1.1514. Please notice the negative momentum supports the short-term bearish outlook.

Weekly Pivot Points:

WR3 - 1.1826

WR2 - 1.1789

WR1 - 1.1756

Weekly Pivot - 1.1721

WS1 - 1.1685

WS2 - 1.1645

WS3 - 1.1615

Trading Outlook:

The market is in control by bears that pushed the prices below the key technical support located at 1.1599. The recent low was made at the level of 1.1562, which is the lowest level since November 2020. The next target for bears is seen at the level of 1.1495. 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.

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

from RobotFX