Technical Market Outlook:
The EUR/USD pair had broken out of the channel and made a new local low at the level of 1.0468 (at the time of writing the analysis). The WXY complex corrective cycle is then getting extended to the downside, deeper inside the bearish zone, however the bounce is still expected. The nearest technical resistance is seen at the level of 1.0532 and the next technical support is located at 1.0469, 1.458 and 1.0447.
Weekly Pivot Points:
WR3 - 1.0901
WR2 - 1.0839
WR1 - 1.0647
Weekly Pivot - 1.0577
WS1 - 1.0379
WS2 - 1.0301
WS3 - 1.0101
Trading Outlook:
The up trend can be continued towards the next long-term target located at the level of 1.1186 only if the complex corrective structure will terminate soon (above 1.0335). The 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 1.0335 or below.
