FX.co ★ Technical Analysis of EUR/USD for July 25, 2023

Technical Market Outlook:

The EUR/USD pair has made another local low at the level of 1.1061 as the bears tested the 100 MA located at the level of 1.1081. Currently, the market is trading below the 100 MA and the key technical support level is seen at 1.1012. 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.