Technical Market Outlook:
The EUR/USD pair has made another higher high at the level of 1.0971, so the bulls are still in control of the market. The market has been consolidating the recent gains around the supply zone located between the levels of 1.0937 - 1.1007. The next target for bulls is seen at the level of 1.1007 and the intraday technical support is seen at 1.0905. The momentum remains on the extremely elevated levels, so a pull-back can occur any time soon as there is a Pin Bar candlestick pattern made at the top of the last spike up. Please expect bears to defend the supply zone.
Weekly Pivot Points:
WR3 - 1.09666
WR2 - 1.09522
WR1 - 1.09441
Weekly Pivot - 1.09378
WS1 - 1.09297
WS2 - 1.09234
WS3 - 1.09090
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.
