FX.co ★ Technical Analysis of EUR/USD for August 15, 2023

Technical Market Outlook:

The EUR/USD pair has broken above the short-term trend line support and the bulls are trying to bounce higher, but if the level of 1.0913 is broken again, then the next target for bears is seen at the level of 1.0836, which is the key technical support for bulls (line in the sand). The intraday technical support is seen at the level of 1.0927 and 1.0913. The intraday technical resistance is located at 1.0997 and 1.1006. The reversal confirmation comes with the level of 1.1150 breakout, so the bulls need to bounce from the current levels and rally again, way above the 1.1028 - 1.1043 zone. Please keep an eye on the momentum indicator as there is still some room to the downside possible.

Weekly Pivot Points:

WR3 - 1.10143

WR2 - 1.09800

WR1 - 1.09656

Weekly Pivot - 1.09457

WS1 - 1.09313

WS2 - 1.09114

WS3 - 1.08771

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.