Technical Market Outlook:
The EUR/USD pair had broken to the downside from the consolidation mode on H4 time frame chart as the bulls failed to defend the last week lows seen at the level of 1.0469. The new swing low was made at 1.0354 and it is very close to the key long-term technical support seen at 1.0335. The oversold market conditions on the Daily time frame chart, indicate the down trend continues and there is no indication of trend termination or reversal just yet. The nearest technical support is located at 1.0335. The bearish market border is located at 1.0755, so there is still a room for bears to try to resume the down trend. The immediate technical resistance is seen at 1.049.
Weekly Pivot Points:
WR3 - 1.0777
WR2 - 1.0708
WR1 - 1.0618
Weekly Pivot - 1.0550
WS1 - 1.0447
WS2 - 1.0338
WS3 - 1.0308
Trading Outlook:
The market is still in control by bears that pushed the price way below the level of 1.0639, so a breakout above this level is a must for bulls for a long-term trend reversal. The up trend can be continued towards the next long-term target located at the level of 1.1186 only if bullish cycle scenario is confirmed by breakout above the level of 1.0726, otherwise the bears will push the price lower towards the next long-term target at the level of 1.0336 or below.
