Technical Market Outlook: EUR/USD Bounces from Resistance, Eyes 100 MA on H4 Chart
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Technical Market Outlook:
The EUR/USD pair has bounced from the key technical resistance located at 1.0834 and is heading towards the 100 MA on H4 time frame chart located at 1.0887. The big Head & Shoulders pattern on the H4 time frame chart extends the market drop the downside with a potential target seen at the level of 1.0636 (H&S measurement), however, now is the time for a pull-back. The intraday technical support is seen at the level of 1.0841 and the intraday technical resistance is located at 1.0893. The strong and positive momentum on the H4 time frame chart supports the short-term bullish outlook for EUR.
Weekly Pivot Points:
WR3 - 1.08599
WR2 - 1.08348
WR1 - 1.08265
Weekly Pivot - 1.08097
WS1 - 1.08014
WS2 - 1.07846
WS3 - 1.07595
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 be terminated at the level of 1.1286 which is 61% Fibonacci retracement level when it is hit, so please keep an eye on this level and the way the market participants (bulls and bears) will deal with it.
