Technical Market Outlook:
The EUR/USD has fallen out from the Falling Wedge pattern on the H4 time frame chart of EUR/USD and hit the local lows at the level of 1.0901. The local bounce from the lows is shallow and bulls want to test the intraday technical resistance located at 1.0943. The key short-term technical support is seen at the level of 1.0910 and any breakout below this level would accelerate the bearish pressure. The momentum is weak and negative again on the H4 time frame chart, so the bears have the control on the market. Please notice, that the breakout to the downside from the Falling Wedge pattern should be aggressive and dynamic.
Pivot Points Mingguan:
WR3 - 1.11092
WR2 - 1.10728
WR1 - 1.10590
Pivot Mingguan - 1.10364
WS1 - 1.10226
WS2 - 1.10000
WS3 - 1.09636
Pandangan Perdagangan:
Sejak awal Oktober 2022, EUR/USD berada dalam kitaran pembetulan ke atas, tetapi trend utama, jangka panjang kekal menurun. Kitaran pembetulan ini mungkin telah diakhiri pada tahap 1.2080 yang merupakan tahap penarikan semula Fibonacci 61%. EUR telah mencipta paras rendah baru beberapa dekad pada tahap 0.9538, jadi selagi USD dibeli di seluruh carta, trend menurun akan berterusan menuju paras rendah baru.
