Technical Market Outlook:
The EUR/USD pair has been seen moving higher on the daily time frame as there is still a room on the RSI indicator before it hits the extremely overbought market conditions. The next target for bulls is seen at the level of 1.1054 - 1.1097, which creates a supply zone for bears. The intraday technical support is located at 1.0971 and 1.0873. The bulls are clearly in control of the market and there is no indication of a up trend termination or reversal.
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.
