Technical Market Outlook:
The EUR/USD pair has made local low at the level of 1.0944 and is approaching the key short term technical support seen at the level of 1.0835. The market is below the 50 and 100 MA on the H4 time frame chart already, so the bearish pressure is still intact. The intraday technical resistance is seen at the level of 1.1028 and 1.1012 and the intraday technical support is seen at the level of 1.0932. This technical support level looks very weak, so if it is broken, the market will drop towards the swing low located at the level of 1.0834. The weak and negative market conditions on the H4 time frame chart support the bearish outlook for EUR. Only a strong reversal and a breakout above the intraday supply zone (1.1012 - 1028) would change the short-term bearish outlook. Reversal confirmation comes with the level of 1.1150 breakout.
Weekly Pivot Points:
WR3 - 1.10631
WR2 - 1.10400
WR1 - 1.10290
Weekly Pivot - 1.10169
WS1 - 1.10059
WS2 - 1.09938
WS3 - 1.09707
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.
