EUR/USD Technical Analysis: Bouncing from Local Low, Bearish Outlook Persists

Technical Market Outlook:

The EUR/USD pair has been seen bouncing from the local low made at the level of 1.0675 and so far the high of the bounce was made at the level of 1.0732.

The intraday technical resistance is seen at 1.0780, so bulls need to break out above this level in order to continue higher. 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 weak and negative momentum supports the short-term bearish outlook for EUR as the bulls are not able to move above the neutral level of fifty on the RSI indicator.

 

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Weekly Pivot Points:

WR3 - 1.07335

WR2 - 1.07121

WR1 - 1.06983

Weekly Pivot - 1.06907

WS1 - 1.06769

WS2 - 1.06693

WS3 - 1.06479

 

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.