Technical Market Outlook:
The EUR/USD pair has been seen moving closer towards the last swing high and hit the level of 1.0977. The next target for bulls is the swing high located at 1.1012. The intraday technical support is located at 1.0943 and 1.0893. The bulls are clearly in control of the market and there is no indication of a up trend termination or reversal, despite the fact that the corrective cycle was quite deep and solid. When the up trend is resumed, the next target for bulls is seen at the level of 1.1054 - 1.1097, which creates a supply zone for bears. Larger time frame trend remains up.
Weekly Pivot Points:
WR3 - 1.09289
WR2 - 1.09169
WR1 - 1.09112
Weekly Pivot - 1.09049
WS1 - 1.08992
WS2 - 1.08929
WS3 - 1.08809
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.
