Technical Market Outlook:
The recent high on EUR/USD was made at the 50% Fibonacci retracement level seen at 1.0282. Now is the time for the wave b pull-back before the last wave of the correction is made, however the volatility of the market is quite subdued. 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 by market participants to short the EUR. The weak and negative momentum on the daily time frame chart supports the bearish outlook for EUR.
Weekly Pivot Points:
WR3 - 1.0263
WR2 - 1.0230
WR1 - 1.0214
Weekly Pivot - 1.0197
WS1 - 1.0181
WS2 - 1.0164
WS3 - 1.0131
Trading Outlook:
The monetary parity level as the first target for bears in the long term had been hit and the Euro is still being under the bearish pressure. There is no sign of relief for the EUR as the down trend should continue lower. 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) and the level of 1.0726 is clearly violated.
