Technical Market Outlook:
The EUR/USD pair had made the high for the wave C at the level of 1.0294 and is currently in a pull-back mode. The next technical resistance is seen at the level of 1.0361, where the 61% Fibonacci retracement level is located as well. The nearest technical support is located at the level of 1.0126 and 1.0076. 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 - 1.0294
WR2 - 1.0258
WR1 - 1.0240
Weekly Pivot - 1.0222
WS1 - 1.0204
WS2 - 1.0186
WS3 - 1.0150
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.
