Technical Market Outlook:
The EUR/USD pair has been seen moving u towards the main target for the wave C located at 100% Fibonacci extension at 1.0812. The bulls broke above the intraday technical resistance seen at 1.0786, so the road to the wave C target is open. 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 remains 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.
