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Technical Market Outlook:
The EUR/USD pair has broken below the short-term trend line support (orange line on chart), retraced 50% of the last wave up and hit the level of 1.0725. In a case of the extension of the corrective cycle, the next target for bears is seen at the level of 1.0676 (61% Fibonacci retracement level) and 1.0670 (50 MA). The intraday technical resistance is located at 1.0823 and the intraday technical support is seen at 1.0714. The weak and negative momentum on H4 time frame chart supports the short term bearish outlook for Euro.
Weekly Pivot Points:
WR3 - 1.08061
WR2 - 1.07861
WR1 - 1.0775
Weekly Pivot - 1.07661
WS1 - 1.0755
WS2 - 1.07461
WS3 - 1.07261
Trading Outlook:
Since the beginning of October 2022 the EUR/USD is in the corrective cycle to the upside, but the main, long-term trend remains bearish. This corrective cycle might had been terminated at the level of 1.1033 which is 50% Fibonacci retracement level. The EUR had made a new multi-decade low at the level of 0.9538, so as long as the USD is being bought all across the board, the down trend will continue towards the new lows.
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