Technical Market Outlook:
The EUR/USD pair has broken below the key short-term technical support located at the level of 1.0834 and made a new swing low at the level of 1.0779. More continuation of the breakout will extend the big Head & Shoulders pattern on the H4 time frame chart to the downside, with a potential target seen at the level of 1.0636. The intraday technical resistance is seen at the level of 1.0803 and 1.0834. The weak and negative momentum on the H4 time frame chart supports the bearish outlook for EUR in the short-term, however a temporary pull-back form lows is possible.
Weekly Pivot Points:
WR3 - 1.09190
WR2 - 1.08998
WR1 - 1.08921
Weekly Pivot - 1.08806
WS1 - 1.08729
WS2 - 1.08614
WS3 - 1.08422
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.
