Technical Market Outlook:
The EUR/USD pair had made a new swing low at the level of 1.0034, however the attempt to break through the short-term trend line resistance has failed and the market returned lower towards the technical support seen at 0.9955. The nearest technical resistance located at the level of 1.0000 had been violated and bulls are now targeting the level of 1.0099 or 38% Fibonacci retracement level located at 1.0078. Please notice the neutral momentum on the H4 time frame chart might evolve to positive momentum if the bulls clearly break above the short-term trend line resistance soon. The US Dollar is still being bought all across the board, so the bearish pressure on EUR is still strong, however now it is time for a correction.
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.
