Technical Market Outlook:
The EUR/USD pair has broken above the 61% Fibonacci retracement level located at1.0960 and made a new weekly high at the level of 1.1018. The intraday technical support seen at the level of 1.0963 and the intraday technical resistance is located at 1.1018. Key short-term technical support rests at 1.0825 and only a sustained breakout above this level would change the outlook to more bearish. The momentum on the H4 time frame chart had bounced back up to extremely overbought area, so the bulls are temporary in control of the market. The larger time frame trend remains up and the next target for bulls is seen at WR3 located at 1.1099.
Weekly Pivot Points:
WR3 - 1.1099
WR2 - 1.1033
WR1 - 1.0986
Weekly Pivot - 1.0920
WS1 - 1.0873
WS2 - 1.0807
WS3 - 1.0760
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 and a weekly close would serve as the initial signal for a potential long-term trend reversal in favor of the Euro.
