FX.co ★ Technical Analysis of EUR/USD for July 27, 2023

Technical Market Outlook:

The EUR/USD pair has made local low at the level of 1.1022 and is currently bouncing up from the lows. The bulls managed to break above the 50 and 100 MA, so the next target for bulls is seen at the level of 1.1145 and 1.1175. The intraday technical support is seen at the level of 1.1087 and 1.1002. Please notice, the market participants are positioning themselves ahead of ECB interest rate decision schedule for release at 14:15 today. The volatility might increase during the news release, so please stay focused and vigilant.

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.