Technical Market Outlook:

The EUR/USD pair had broken below the key short-term technical support seen at 1.0469 - 1.0448 and made a new local low at the level of 1.0366, which is only 8 pips away from the last month's low. The next target is seen at the level of 1.0358 (last month low) and in the case of a sustained breakout lower, the bearish pressure might push the market towards the 1.0000 level. The recent bounce had been capped at the supply zone seen between the levels of 1.0448 - 1.0469. The weak and negative momentum on the H4 time frame supports the bearish outlook for EUR. Please notice, that despite the recent efforts, the bulls are still trading inside the bearish zone, the level of 1.0615 is still unreachable for them, and they need to break above the level of 1.0678 to enter the bullish zone. All of the shallow bullish bounces are still being faded by bears.

Weekly Pivot Points:

WR3 - 1.0797

WR2 - 1.0704

WR1 - 1.0546

Weekly Pivot - 1.0455

WS1 - 1.0287

WS2 - 1.0199

WS3 - 1.0048

Trading Outlook:

The up trend can be continued towards the next long-term target located at the level of 1.1186 only if the complex corrective structure will terminate soon (above 1.0335) and the market will rally above 1.0678 level. The bullish cycle scenario is confirmed by breakout above the level of 1.0726, otherwise the bears will push the price lower towards the next long-term target at the level of 1.0335 or below, towards 1.0000.