Bulls Under Pressure as EUR/USD Faces Rejection from Key Moving Averages
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The EUR/USD pair has been rejected from the 50 and 100 MA located at 1.0886 and in the short-term the bulls are under pressure. Currently, the volatility on the market was subdued and the market participants await the fundamental trigger to increase the market movement.
The immediate technical resistance is seen at the level of 1.0883 (100 MA), but the key technical support is seen at 1.0836. Please notice, the momentum is back under the level of fifty, so there is a confirmation of the bearish pressure on the lower time frame charts. Only a sustained breakout above the moving average dynamic resistance would change the outlook to more bullish.
Weekly Pivot Points:
WR3 - 1.09868
WR2 - 1.09389
WR1 - 1.09120
Weekly Pivot - 1.08910
WS1 - 1.08641
WS2 - 1.08431
WS3 - 1.07952
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.
Read more: https://www.instaforex.com/forex_analysis/329986
