Forex Analysis & Reviews: Technical Analysis of EUR/USD for April 29, 2021

Technical Market Outlook:

The EUR/USD pair has been seen moving higher despite the several candlestick patterns warning about the potential local trend termination. The recent rally made the approach towards the level of 1.2149, just below the lower level of the supply zone located between the levels of 1.2154 - 1.2178. Please notice, the market conditions on the daily time frame chart are now overbought, so the chances for another wave up are decreasing and the pull-back or correction might start to develop soon. The next key technical support is seen at the level of 1.2011 and 1.1953.

Weekly Pivot Points:
WR3 - 1.2320
WR2 - 1.2206
WR1 - 1.2167
Weekly Pivot - 1.2057
WS1 - 1.2010
WS2 - 1.1890
WS3 - 1.1850

Trading Recommendations:

The weekly time frame chart show the counter-trend corrective cycle is still in progress, but if the trend line on the daily time frame chart is violated, then the up trend might be considered done. The corrective cycle has not been completed yet, because the key level for bulls is located at 1.1608. As long as the market trades above this level the up trend is valid and all of the down waves should be used to open long positions.

Analysis are provided by InstaForex