Technical Market Outlook:
The EUR/USD pair has bounced from the key technical support is seen at 1.0836 for the third time, so it is a very important support for bulls ahead of the NFP-Payrolls data release later on today. The intraday technical resistance is seen at the level of 1.0900, just where the short-term trend line is located on H4 time frame chart. Please notice, the momentum is back under the level of fifty, so there is a confirmation of the bearish pressure on the lower time frame charts. In a case of a breakout lower, the next target for bears is seen at the level of 1.0780. Only a sustained breakout above the moving average dynamic resistance would change the outlook to more bullish.
Weekly Pivot Points:
WR3 - 1.09868
WR2 - 1.09389
WR1 - 1.09120
Weekly Pivot - 1.08910
WS1 - 1.08641
WS2 - 1.08431
WS3 - 1.07952
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.
