Technical Market Outlook:
The EUR/USD pair has made another higher high at the level of 1.0865, so the bulls are still in control of the market. The next target for bulls is seen at the level of 1.0905 and the intraday technical support is seen at 1.0780. The momentum remains on the extremely elevated levels, so a pull-back can occur any time soon. There is a Bearish Engulfing candlestick pattern made at the top of the last spike up, so the bears might be up to something. Please notice the ECB interest rate decision later on today might trigger high volatility trading conditions.
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.
