Technical Market Outlook:
The EUR/USD pair has been seen moving lower after the fake breakout above the 61% Fibonacci retracement ands is currently testing the key short-term technical support located at 1.0825. Any violation of this level would open the road towards the next technical support seen at the level of 1.0756. The momentum remains weak and negative on the H4 time frame chart as the bears are in charge of the price for now. Only a sustained breakout back above the level of 1.0966 would change the outlook to more bullish.
Weekly Pivot Points:
WR3 - 1.1179
WR2 - 1.1098
WR1 - 1.0991
Weekly Pivot - 1.0910
WS1 - 1.0803
WS2 - 1.0722
WS3 - 1.0615
Trading Outlook:
The EUR/USD market breakout above the 61% Fibonacci retracement of the recent weekly downtrend, positioned at 1.0963 and a weekly close above this level would serve as the initial signal for a potential long-term trend reversal in favor of the Euro.
