FX.co ★ Technical Analysis of EUR/USD for June 16, 2023

Technical Market Outlook:

The EUR/USD pair has made another higher high at the level of 1.0963, so the bulls are still in control of the market. The next target for bulls is seen at the level of 1.1007 and the intraday technical support is seen at 1.0905. The momentum remains on the extremely elevated levels, so a pull-back can occur any time soon, moreover, the bulls have hit the supply zone located between the levels of 1.0937 - 1.1007. There is a Pin Bar candlestick pattern made at the top of the last spike up, so the bears had started defending the supply zone.

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.