Technical Market Outlook:
The EUR/USD pair has made another higher high at the level of 1.0974, but the momentum is decreasing significantly since then. The market pulled-back towards the level of 1.0832 (50 MA level) and now is slowly starting to move up again. The regression channel on the H4 time frame is still valid as the market keeps moving from the upper trend line to the lower trend line as the up move develops. The key short-term technical support is seen at the level of 1.0802, which is out of the channel as well. The key intraday technical resistance is seen at 1.0937.
Weekly Pivot Points:
WR3 - 1.10520
WR2 - 1.09660
WR1 - 1.09290
Weekly Pivot - 1.08800
WS1 - 1.08430
WS2 - 1.07940
WS3 - 1.07080
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.
