Technical Market Outlook:
The EUR/USD pair has been seen trading below the monetary parity level of 1.0000 as the US Dollar is still being bought across the board. The recent swing low was made at the level of 0.9953 and this might not be the weekly low. The nearest technical resistance is seen at the level of 1.0076, the next technical support is located at the level of 0.9900. 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 and used to short the EUR. The weak and negative momentum on the daily 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).
