Technical Market Outlook:
The EUR/USD pair has made a local high at the level of 1.1012 and is currently pulling-back from the extremely overbought levels seen at the H4 time frame chart. The intraday technical support is located at 1.0905 and 1.0893. The bulls are clearly in control of the market and there is no indication of a up trend termination or reversal. The next target for bulls is seen at the level of 1.1054 - 1.1097, which creates a supply zone for bears. Larger time frame trend remains up.
Weekly Pivot Points:
WR3 - 1.09666
WR2 - 1.09522
WR1 - 1.09441
Weekly Pivot - 1.09378
WS1 - 1.09297
WS2 - 1.09234
WS3 - 1.09090
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.