Technical Market Outlook:
The EUR/USD pair has been seen moving up towards the 38% Fibonacci retracement level located at the 1.0078, but the bounce was capped at this level again and the market reversed lower. In order to extend the bounce higher, bulls must break through this level and test the 50% Fibonacci retracement located at 1.0133. The momentum is positive, but not very strong as the bearish activity gets stronger around the Fibonacci retracement levels. The market is being pushed towards the parity level again as the main data from the USA are scheduled for release later on. The nearest technical support is seen at 0.9955 and 0.9901.
Weekly Pivot Points:
WR3 - 1.00077
WR2 - 0.99699
WR1 - 0.99503
Weekly Pivot - 0.99321
WS1 - 0.99125
WS2 - 0.98943
WS3 - 0.98565
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.
