Technical Market Outlook:
The EUR/USD has fallen out from the Falling Wedge pattern on the H4 time frame chart of EUR/USD and the bears has hit the local lows at the level of 1.0942. The local bounce fromhe lows was shallow as only the 50 and 100 MA was tested briefly. 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 developing of the potential Falling Wedge pattern might take some time, but the downside breakout should be aggressive and dynamic.
Weekly Pivot Points:
WR3 - 1.11092
WR2 - 1.10728
WR1 - 1.10590
Weekly Pivot - 1.10364
WS1 - 1.10226
WS2 - 1.10000
WS3 - 1.09636
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 1.2080 which is 61% 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.