FX.co ★ Technical Analysis of EUR/USD for July 6, 2023

Technical Market Outlook:

The EUR/USD pair has been rejected from the 50 and 100 MA located at 1.0886, so the market wend down to test the key technical support is seen at 1.0836. The intraday technical resistance is seen at the level of 1.0871. Please notice, the momentum is back under the level of fifty, so there is a confirmation of the bearish pressure on the lower time frame charts. In a case of a breakout lower, the next target for bears is seen at the level of 1.0780. Only a sustained breakout above the moving average dynamic resistance would change the outlook to more bullish.

Weekly Pivot Points:

WR3 - 1.09868

WR2 - 1.09389

WR1 - 1.09120

Weekly Pivot - 1.08910

WS1 - 1.08641

WS2 - 1.08431

WS3 - 1.07952

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.