Technical Market Outlook:
The recent high on EUR/USD was made at the level of 1.0279, while the 50% Fibonacci retracement level is seen at 1.0282. Now is the time for the wave b pull-back before the last leg of the correction is made. The next technical resistance is seen at the level of 1.0362, the nearest technical support is located at the level of 1.0076 and 1.0000. 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.
Weekly Pivot Points:
WR3 - 1.0162
WR2 - 1.0127
WR1 - 1.0107
Weekly Pivot - 1.0093
WS1 - 1.0073
WS2 - 1.0059
WS3 - 1.0025
Trading Outlook:
The market continues to move lower as the down trend is still strong and the monetary parity level is the first target for bears in the long term.Nevertheless, 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).
