Technical Market Outlook:
The EUR/USD pair has broken out from the consolidation zone and is heading towards the next target, which is located at 100% Fibonacci extension located at 1.0812. The intraday technical resistance is seen at 1.0782, so bulls need to break out above this level in order to continue higher. On the other hand, any breakout below the level of 1.0675 would sustain the bearish outlook and put the level of 1.0636 for a test (swing low). The momentum is currently strong and positive, so the temporary outlook for EUR is bullish.
Weekly Pivot Points:
WR3 - 1.07335
WR2 - 1.07121
WR1 - 1.06983
Weekly Pivot - 1.06907
WS1 - 1.06769
WS2 - 1.06693
WS3 - 1.06479
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 1.2080 which is 61% 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.
