Technical Market Outlook:
The EUR/USD pair has bounced from the lows at the level of 1.0525 and was rallying towards the level of 1.0749 to make a new weekly high. Currently, the bears started a pull-back towards the intraday technical support seen at 1.0692. There is a 100 and 50 MA cross on the H4 time frame chart, so the outlook remains bullish with the next target seen at the level of 1.0804. The market conditions on the H4 time frame chart are now extremely overbought, so a pull-back is welcome and when completed, the bulls should resume the up move.
Weekly Pivot Points:
WR3 - 1.08556
WR2 - 1.07825
WR1 - 1.07553
Weekly Pivot - 1.07094
WS1 - 1.06822
WS2 - 1.06363
WS3 - 1.05632
Trading Outlook:
Since the beginning of October 2022 the EUR/USD is in the corrective cycle to the upside, but the main, long-term trend remains bearish. This corrective cycle might had been terminated at the level of 1.1033 which is 50% Fibonacci retracement level. The EUR had made a new multi-decade low at the level of 0.9538, so as long as the USD is being bought all across the board, the down trend will continue towards the new lows.
