Technical Market Outlook:
The EUR/USD pair has made an ABC correction to the upside, but the main target for the wave C located at 100% Fibonacci extension at 1.0812 has not been hit and the market pulled-back lower. The intraday technical resistance is seen at 1.0786, so bulls need to break 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 - 1.07871
WR2 - 1.07665
WR1 - 1.07589
Weekly Pivot - 1.07459
WS1 - 1.07383
WS2 - 1.07253
WS3 - 1.07047
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.
