Technical Market Outlook:
The EUR/USD pair has been seen trading around the intraday technical support located at 0.9957, so the market stays below the parity.The level of 1.0000 will now act as a resistance for bulls, because the weak and negative momentum on the H4 time frame chart supports the short-term bearish outlook for EUR. The next technical support is seen at 0.9934 and 0.9901. In the longer term, the key technical resistance level is located at 1.0389 (swing high from August 11th), so the bulls still have a long road to take before the longer term down trend is reversed. Please watch the USDX as the correlation between this two is directly opposite.
Weekly Pivot Points:
WR3 - 1.01483
WR2 - 1.01150
WR1 - 1.01017
Weekly Pivot - 1.00817
WS1 - 1.00684
WS2 - 1.00484
WS3 - 1.00151
Trading Outlook:
Despite the recent relief rally towards the short-term support one, the EUR is still under the strong bearish pressure and as long as the USD is kept being bought all across the board, the down trend will continue. In the mid-term, the key technical resistance level is located at 1.0389 and only if this level is clearly violated, the down trend might be considered terminated.
