Technical Market Outlook:
The EUR/USD pair has been seen trading 6 pips away from the monetary parity level. The last swing low was made at the level of 1.0006 (at the time of writing the article). The last biggest bounce had been capped at the supply zone seen between the levels of 1.0470 - 1.0490, since then all the bounces are shallower. The nearest technical resistance is located at 1.0076. Despite the extremely oversold market conditions on the daily time frame chart, the weak and negative momentum on the H4 time frame supports the bearish outlook for EUR. Please notice, that all of the shallow bullish bounces are still being faded by bears.
Weekly Pivot Points:
WR3 - 1.1016
WR2 - 1.0625
WR1 - 1.0397
Weekly Pivot - 1.0243
WS1 - 1.0006
WS2 - 0.9843
WS3 - 0.9452
Trading Outlook:
The bullish cycle scenario is confirmed only after a 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 1.0000 or below. 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 1.0000).
