Technical Market Outlook:
The EUR/USD pair has been seen developing the recent pullback into the possible triangle price pattern. The intraday technical support is seen at the level of 1.0961 and 1.0930. 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 1.0913. Only a strong reversal and a breakout above the intraday supply zone (1.1028 - 1043) would change the short-term bearish outlook. Reversal confirmation comes with the level of 1.1150 breakout. Please keep an eye on the momentum on the H4 time frame chart as it is hovering around the neutral level of 50 on the RSI (14).
Weekly Pivot Points:
WR3 - 1.10716
WR2 - 1.10306
WR1 - 1.10088
Weekly Pivot - 1.09896
WS1 - 1.09678
WS2 - 1.09486
WS3 - 1.09076
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.
