Technical Market Outlook:
The EUR/USD pair had hit the 61% Fibonacci retracement level at 1.0963 and reversed lower after the Ending Diagonal price pattern has been made at the top of the move up. The technical support seen at the level of 1.0896 had been tested already as the market conditions coming off the extremely overbought levels. Key short-term technical support rests at 1.0770, with intraday support levels identified at 1.0942 and 1.0896. The larger time frame trend remains up, but in order to rally up, the bulls needs to breakout above the level of 1.0963 again.
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.
