Technical Market Outlook:
The EUR/USD pair had reversed from the last swing high seen around the level of 1.0927 and broke below the short-term trend line support located at 1.0871. The local low was made at the level of 1.0789 (at the time of writing the article), so the level of 1.0819 will not act as the intraday technical resistance. The next target for bears is seen at the level of 1.0722 and if hit, then the time and price overbalance is reached. The weak and negative momentum on the H4 time frame chart support the short-term bearish outlook for EUR/USD.
Weekly Pivot Points:
WR3 - 1.08705
WR2 - 1.08358
WR1 - 1.08143
Weekly Pivot - 1.08011
WS1 - 1.07796
WS2 - 1.07664
WS3 - 1.07317
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.
