FX.co ★ Technical Analysis of EUR/USD for June 14, 2023

Technical Market Outlook:

The EUR/USD pair has hit the main target for the wave C located at 100% Fibonacci extension at 1.0812. The local high was made at the level of 1.0824 and then the market pulled-back. 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, but the market participants await the FED interest rate decision scheduled for the New York session.

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.