FX.co ★ Technical Analysis of EUR/USD for April 7, 2023

Technical Market Outlook:

The EUR/USD pair has made another higher high at the level of 1.0974 as the bulls are in full control of the market. During the recent pull-back the local low was made at the level of 1.0897, so the level of 1.0819 will not act as the intraday technical support. The next target for bulls is the swing high seen at 1.1030 which is the swing high from the January 2023. The strong and positive momentum supports the short-term bullish outlook for EUR and there is still a room for more upside. It now all depends on the NFP Payrolls data release, whether they will or will not beat the market expectations. Please notice, the market volatility might dynamically increase during the news release.

Weekly Pivot Points:

WR3 - 1.08705

WR2 - 1.08358

WR1 - 1.08143

Weekly Pivot - 1.08011

WS1 - 1.07796

WS2 - 1.07664

WS3 - 1.07317

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.