Exchange services cannot be configured manually - you need to use Auto Account Setup.
If you enabled two-factor authentication on the account, you'll need to generate an app password to use with the account in Outlook.
If you only have one or two accounts, it's free.) The Outlook Connector is no longer supported. After your account is moved to the new server, you need to add the account to your profile using Auto Account Setup then remove the Outlook Connector account from your profile and uninstall the Connector.
EAS is currently supported with the new servers, however, it will eventually be discontinued and all users will need to use Exchange services.
For more information, see MSN (and Hotmail) Access Denied?
You can configure your (or Hotmail/Live) account as POP3, IMAP, or using Exchange Services.
If anyone knows how you might better deal with this scenario when there are thousands of messages in play I'd be curious to know!
I know it was a couple of months ago but this may help in the future.
To set up an account using Exchange services, use Auto Account Setup.
Enter your email address and password and Outlook will find the account information.
Microsoft is moving accounts over in waves; all newly created accounts will be created on the new server.
If your account is on the new server, it should be configured as an Exchange account in Outlook 2007 and newer.
If you use Outlook 2007 or Outlook 2010, you need to have all updates (as of 2015) installed to connect to using Exchange.