FX.co ★ Technical Analysis of EUR/USD for August 22, 2023

Technical Market Outlook:

The EUR/USD pair has made a local low at the level of 1.0842 and bounced higher towards the level of 1.0945 (100 MA level on H4 time frame chart). The bounce is supported by strong and positive momentum, so the short-term outlook is bullish. The next target for bulls is seen at the level of 1.0945 and 1.1062. The key technical support for bulls is still located at the level of 1.0834, so as long as this level is not clearly broken, the bulls are in control of the market.

Weekly Pivot Points:

WR3 - 1.09190

WR2 - 1.08998

WR1 - 1.08921

Weekly Pivot - 1.08806

WS1 - 1.08729

WS2 - 1.08614

WS3 - 1.08422

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.