Technical Market Outlook:
The EUR/USD pair has been seen approaching the 100 MA level again. The nearest technical support is seen at the level of 1.0533 and the next technical resistance is located at the level of 1.0618 and only a strong and sustained breakout above this level would change the outlook to more bullish. Please notice, that despite the ongoing pull-back, the mid-term outlook remains negative due to the Bearish Cross of 50 and 100 DMA on the daily time frame chart. The weak and negative momentum on the Daily time frame chart supports the bearish outlook for EUR, the momentum on the lower time frames like H4, is positive only temporary.
Weekly Pivot Points:
WR3 - 1.06376
WR2 - 1.05916
WR1 - 1.05633
Weekly Pivot - 1.05456
WS1 - 1.05173
WS2 - 1.04996
WS3 - 1.04536
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 was terminated at the level of 1.1286 which is 61% Fibonacci retracement level and the market reversed lower. The intermediate down move is 12 weeks long now and there is no indication if the down move termination yet. There is still a room to the downside on the RSI indication on the weekly time frame as well.
