FX.co ★ Technical Analysis of EUR/USD for June 5, 2023

Technical Market Outlook:

The EUR/USD pair has given away all the gains made on Friday during the NFP-Payrolls data release and is currently trading at the level of 1.0695, which is the 50 MA dynamic support level. Any breakout below this level would sustain the bearish outlook and put the level of 1.0636 for a test (swing low). The weak and negative momentum supports the short-term bearish outlook for EUR. The intraday technical resistance is seen at 1.0780.

Weekly Pivot Points:

WR3 - 1.07335

WR2 - 1.07121

WR1 - 1.06983

Weekly Pivot - 1.06907

WS1 - 1.06769

WS2 - 1.06693

WS3 - 1.06479

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 1.2080 which is 61% 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.