FX.co ★ Technical Analysis of EUR/USD for June 29, 2022

Technical Market Outlook:

The EUR/USD pair had hit the key short-term Fibonacci retracement level located at 1.0615 and got rejected again. The bulls broke below the intraday support seen at 1.0567 and are currently approaching the key short-term technical support seen at 1.0469 - 1.0448. As long as the market trades above this zone, the outlook remains bullish. Please notice, that despite the recent efforts, the bulls are still trading inside the bearish zone, the level of 1.0615 is still unreachable for them, and they need to break above the level of 1.0678 to enter the bullish zone.

Weekly Pivot Points:

WR3 - 1.0757

WR2 - 1.0697

WR1 - 1.0620

Weekly Pivot - 1.0534

WS1 - 1.0480

WS2 - 1.0405

WS3 - 1.0345

Trading Outlook:

The up trend can be continued towards the next long-term target located at the level of 1.1186 only if the complex corrective structure will terminate soon (above 1.0335) and the market breaks above 1.0678 level. The bullish cycle scenario is confirmed by breakout above the level of 1.0726, otherwise the bears will push the price lower towards the next long-term target at the level of 1.0335 or below.