Technical Market Outlook:

The EUR/USD pair has broken above the 100 MA level and made a new local high at the level of 1.0629. The nearest technical support is seen at the level of 1.0593 and the next technical resistance is located at the level of 1.0674. Please notice, that despite the ongoing pull-back, the mid-term outlook remains negative due to the Bearish Cross of 50 and 100 DMA on the daily time frame chart. The weak and negative momentum on the Daily time frame chart supports the bearish outlook for EUR, the momentum on the lower time frames like H4, is positive only temporary.

Weekly Pivot Points:

WR3 - 1.06376

WR2 - 1.05916

WR1 - 1.05633

Weekly Pivot - 1.05456

WS1 - 1.05173

WS2 - 1.04996

WS3 - 1.04536

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 was terminated at the level of 1.1286 which is 61% Fibonacci retracement level and the market reversed lower. The intermediate down move is 12 weeks long now and there is no indication if the down move termination yet. There is still a room to the downside on the RSI indication on the weekly time frame as well.