Euro breaks below the nearest demand zone, more downside to come?

Technical Market Outlook:

The EUR/USD pair had broken below the key short-term technical support seen at 1.0469 - 1.0448, so the outlook had changed to bearish. The new local low was made at the level of 1.0433 and the next target is seen at the level of 1.0358 (monthly low). 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.

Weekly Pivot Points:

WR3 - 1.0757

WR2 - 1.0697

WR1 - 1.0620

Weekly Pivot - 1.0534

WS1 - 1.0480

WS2 - 1.0405

WS3 - 1.0345

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.