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

Technical Market Outlook:

The EUR/USD pair has been seen moving u towards the main target for the wave C located at 100% Fibonacci extension at 1.0812. The bulls broke above the intraday technical resistance seen at 1.0786, so the road to the wave C target is open. On the other hand, any breakout below the level of 1.0675 would sustain the bearish outlook and put the level of 1.0636 for a test (swing low). The momentum is currently strong and positive, so the temporary outlook for EUR remains bullish.

Weekly Pivot Points:

WR3 - 1.07871

WR2 - 1.07665

WR1 - 1.07589

Weekly Pivot - 1.07459

WS1 - 1.07383

WS2 - 1.07253

WS3 - 1.07047

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.