The EUR/USD pair has made another local low at the level of 1.1067 after the worse than expected PMI data had been published. The bears are testing the 100 MA located at the level of 1.1081 and any violation of this level would likely result in another leg to the downside. The key technical support level is seen at 1.1012 and any violation of this level would shift the sentiment to even more bearish. On the other hand, the market conditions on the H4 time frame chart are extremely oversold already so an intraday technical pull-back might occur with a potential target seen at the level of 1.1109.
Weekly Pivot Points:
WR3 – 1.12452
WR2 – 1.11728
WR1 – 1.11264
Weekly Pivot – 1.11004
WS1 – 1.10540
WS2 – 1.10280
WS3 – 1.09556
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.
The material has been provided by InstaForex Company – www.instaforex.com
Technical Market Outlook:
The EUR/USD pair has made another local low at the level of 1.1067 after the worse than expected PMI data had been published. The bears are testing the 100 MA located at the level of 1.1081 and any violation of this level would likely result in another leg to the downside. The key technical support level is seen at 1.1012 and any violation of this level would shift the sentiment to even more bearish. On the other hand, the market conditions on the H4 time frame chart are extremely oversold already so an intraday technical pull-back might occur with a potential target seen at the level of 1.1109.
Weekly Pivot Points:
WR3 – 1.12452
WR2 – 1.11728
WR1 – 1.11264
Weekly Pivot – 1.11004
WS1 – 1.10540
WS2 – 1.10280
WS3 – 1.09556
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.
The material has been provided by InstaForex Company – www.instaforex.com
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