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

Technical Market Outlook:

The EUR/USD pair has made another higher high at the level of 1.1005 as the bulls hit the extremely overbought market conditions. The regression channel on the H4 time frame is still valid as the market keeps moving from the upper trend line to the lower trend line as the up move develops. The key short-term technical support is seen at the level of 1.0832, which is slightly out of the channel as well. The key intraday technical support is seen at the level of 1.0974 and the next target for bulls is located at 1.1033 ( February 2nd high).

Weekly Pivot Points:

WR3 - 1.10520

WR2 - 1.09660

WR1 - 1.09290

Weekly Pivot - 1.08800

WS1 - 1.08430

WS2 - 1.07940

WS3 - 1.07080

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.