Technical Market Outlook:
The EUR/USD pair reached a swing high at 1.0966, propelled by bulls breaching the 61% Fibonacci retracement level at 1.0963. The technical resistance at 1.0943 was also overcome, indicating the potential for an extended rally toward the 1.1059 level. Despite the robust and positive momentum, caution is advised as market conditions appear excessively overbought on both the H4 and Daily time frame charts. Notably, there is a discernible Bearish Divergence between the price and the momentum oscillator on the H4 chart. Key short-term technical support rests at 1.0770, with intraday support levels identified at 1.0942 and 1.0896.
Weekly Pivot Points:
WR3 - 1.1246
WR2 - 1.1080
WR1 - 1.0997
Weekly Pivot - 1.0831
WS1 - 1.0748
WS2 - 1.0582
WS3 - 1.0499
Trading Outlook:
The EUR/USD market rebounded from the weekly swing low at 1.0449, persistently ascending within the ongoing counter-trend corrective cycle. Bulls are eyeing the next target at the 61% Fibonacci retracement of the recent weekly downtrend, positioned at 1.0963. A breakout above this level would serve as the initial signal for a potential long-term trend reversal in favor of the Euro.
