Technical Market Outlook:
The EUR/USD pair volatility has decreased just hours before the FED interest rate decision (08:00 PM). The wave b of the overall ABC correction had been made with a low at the level of 1.0108 and the bulls are trying to bounce higher. The momentum is below the level of fifty for now. 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.
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.
