Technical Market Outlook:
The EUR/USD pair has made another swing high at the level of 1.1261 and is approaching the next target for bulls seen at the level of 1.1286, which is the 61% Fibonacci retracement level of the big wave down on the Weekly time frame chart. The momentum is coming off the extremely overbought conditions, so the market might pull-back lower any time now. The intraday technical support is seen at the level of 1.1205, but in a case of a breakout lower, the next target for bears is seen at the level of 1.1020 and 1.1010. Only a sustained breakout below the moving average dynamic support around 1.0900 would change the outlook to more negative.
Weekly Pivot Points:
WR3 - 1.12534
WR2 - 1.12384
WR1 - 1.12326
Weekly Pivot - 1.12234
WS1 - 1.12176
WS2 - 1.12084
WS3 - 1.11934
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 be terminated at the level of 1.1286 which is 61% Fibonacci retracement level when it is hit, so please keep an eye on this level and the way the market participants (bulls and bears) will deal with it.
