Technical Market Outlook:
After the market rally was capped at the level of 1.1062 and the bears pushed the price back towards the trend line support, the EUR/USD got closer to the trend line support again. If the level of 1.0913 is broken, then the next target for bears is seen at the level of 1.0836, which is the key technical support for bulls (line in the sand). The intraday technical support is seen at the level of 1.0927 and 1.0913. The intraday technical resistance is located at 1.0997 and 1.1006. The reversal confirmation comes with the level of 1.1150 breakout, so the bulls need to bounce from the current levels and rally again, way above the 1.1028 - 1.1043 zone. Please keep an eye on the momentum indicator as there is still some room to the downside possible.
Weekly Pivot Points:
WR3 - 1.10143
WR2 - 1.09800
WR1 - 1.09656
Weekly Pivot - 1.09457
WS1 - 1.09313
WS2 - 1.09114
WS3 - 1.08771
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 be terminated at the level of 1.1286 which is 61% Fibonacci retracement level when it is hit, so please keep an eye on this level and the way the market participants (bulls and bears) will deal with it.