Euro bounce from the trend line support
Technical Market Outlook:
The EUR/USD pair has bounced from the trend line support on the H4 time frame chart after a failed attemt to break out above the last swing high located at the level of 1.1076. The key short-term technical resistance is seen at the level of 1.1000 was violated and will now act as the technical support. The key short-term technical support is seen at the level of 1.0910 and any breakout below this level would be a bearish pressure indication. The momentum is slightly negative on the H4 time frame chart, so the market is not ready yet to continue the up trend towards the 1.1280, which is 61% Fibonacci retracement level of the whole, big wave down that started in January 2021. Please notice, that the short-term up trend is still intact and the key level for bulls is seen at 1.0910.
Weekly Pivot Points:
WR3 - 1.10312
WR2 - 1.10077
WR1 - 1.09962
Weekly Pivot - 1.09842
WS1 - 1.09727
WS2 - 1.09607
WS3 - 1.09372
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.