Technical Market Outlook:
The EUR/USD pair had made a swing high at the level of 1.0888 and started the pull back towards the intraday technical support which is seen at the level of 1.0770. The intraday technical resistance is the swing high from 1.0888 and only a strong and sustained breakout above this level would extend the bullish rally. The momentum is strong and positive, however, the market conditions are still extremely overbought on the H4 time frame chart. The key short-term technical support is seen at 1.0770.
Weekly Pivot Points:
WR3 - 1.0842
WR2 - 1.0799
WR1 - 1.0742
Weekly Pivot - 1.0699
WS1 - 1.0642
WS2 - 1.0599
WS3 - 1.0542
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 18 weeks long now, but just recently the market started an internal upwards correction. The key weekly technical resistance is seen at the level of 1.0829. The RSI 14) indicator has just come back to the level of fifty.
