Technical Market Outlook:
The EUR/USD pair had made a new swing low at the level of 0.9901 and then bounced from the extremely oversold market conditions. The nearest technical resistance is located at the level of 1.0000 and needs to be clearly violated for a more solid bounce. Please notice the weak and negative momentum on the H4 time frame chart supports the short-term bearish outlook for EUR with a potential target seen at the level of 0.9900 or even lower. The US Dollar is still being bought all across the board, so the bearish pressure on EUR is still strong.
Weekly Pivot Points:
WR3 - 1.0089
WR2 - 1.0057
WR1 - 1.0035
Weekly Pivot - 1.0025
WS1 - 1.0003
WS2 - 0.9992
WS3 - 0.09960
Trading Outlook:
There is no sign of relief for the EUR as the down trend should continue lower towards the level or 0.9900 and below. The EUR is under the strong bearish pressure and as long as the USD is kept being bought all across the board, the down trend will continue.
