FX.co ★ Technical Analysis of EUR/USD for February 13, 2023

Technical Market Outlook:

The EUR/USD pair has been seen moving lower as the corrective cycle continues. The bears made a new local low at the level of 1.0656, so now the technical support from last week is broken. The next target for bears is the technical support located at 1.0622. The momentum remains weak and negative, so all bounces are being used by bears to sell the EUR for a better price. Please keep an eye on the level of 1.0787 because this is the key short-term technical resistance.

Weekly Pivot Points:

WR3 - 1.07422

WR2 - 1.07078

WR1 - 1.06916

Weekly Pivot - 1.06734

WS1 - 1.06572

WS2 - 1.06390

WS3 - 1.06046

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 1.1033 which is 50% 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.