Technical Market Outlook:
The EUR/USD pair has bounced from the lows at the level of 1.0525 after the market hit the 100 DMA and bulls managed to rally towards the 50 DMA located at the level of 1.0363. The market is still under the bearish pressure as the gamechanging level is seen at 1.0806 (the next target for bulls). The intraday technical resistance is seen at the level of 1.0791. The momentum bounced as well and is currently positive, but not that strong yet, so it is clear the bulls need to extend the rally way above the 100 DMA with a potential target seen at 1.0806.
Weekly Pivot Points:
WR3 - 1.08556
WR2 - 1.07825
WR1 - 1.07553
Weekly Pivot - 1.07094
WS1 - 1.06822
WS2 - 1.06363
WS3 - 1.05632
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.