Technical Market Outlook:
The EUR/USD pair has broken above the February 2nd high located at 1.1033 and made another higher high at the level of 1.1075. The bulls hit the extremely overbought market conditions on the H4 time frame chart, so a pull back might happen soon. The regression channel on the H4 time frame chart is still valid as the market keeps moving from the upper channel line to the lower channel line as the up move develops. The key short-term technical support is seen at the level of 1.0974.
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.
