Technical Market Outlook:
The EUR/USD pair is back above the short-term trend line support located at 1.0871 as the bulls bounced back towards the last swing high seen at 1.0930. The local low was made at the level of 1.0789, so the level of 1.0819 will not act as the intraday technical support. The next target for bulls is the swing high seen at 1.0930 and the level of 1.1188. The market don a V-shape reversal and so did the momentum, so now the bulls are in control of the market.
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.
