FX.co ★ Technical analysis on EUR/USD for September 1st, 2023.

Overview :

The EUR/USD pair hit the weekly pivot point and resistance 1, because of the series of relatively equal highs and equal lows. But, the pair has dropped down in order to bottom at the point of 1.0835. Hence, the major support was already set at the level of 1.0766.

Moreover, the double bottom is also coinciding with the major support this week. Additionally, the RSI is still calling for a strong bearish market as well as the current price is also below the moving average 100.

Therefore, it will be advantageous to sell below the resistance (supply zone) level of 1.0810 with the first target at 1.0766. From this point, if the pair closes below the weekly pivot point of 1.0835, the EUR/USD pair may resume it movement to 1.0700 to test the weekly support 1.

Stop loss should always be taken into account, accordingly, it will be of beneficial to set the stop loss below the last bottom at 1.0877.