Technical Market Outlook:
The EUR/USD pair has bounced from the recent lows to test the key technical resistance located at 1.0834. The big Head & Shoulders pattern on the H4 time frame chart extends the market drop the downside with a potential target seen at the level of 1.0636 (H&S measurement). The intraday technical resistance is seen at the level of 1.0841. The weak and negative momentum on the H4 time frame chart supports the bearish outlook for EUR in the short-term, however a temporary pull-back form lows is possible.
Weekly Pivot Points:
WR3 - 1.08599
WR2 - 1.08348
WR1 - 1.08265
Weekly Pivot - 1.08097
WS1 - 1.08014
WS2 - 1.07846
WS3 - 1.07595
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.