FX.co ★ Technical Analysis of EUR/USD for July 28, 2023

Technical Market Outlook:

The EUR/USD pair has made local low at the level of 1.0944 and is approaching the key short term technical support seen at the level of 1.0835. The intraday technical resistance is seen at the level of 1.1028 and 1.1012 (supply zone). The intraday technical support is seen at the level of 1.0932, but is looks very week, so if this support is broken, the market will drop towards the swing low. The weak and negative market conditions on the H4 time frame chart support the bearish outlook for EUR. Only a strong reversal and a breakout above the supply zone (1.1012 - 1028) would change the short-term bearish outlook.

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.