FX.co ★ EUR/USD analysis for September 05, 2023 - Downside breakout of the support

Technical analysis:

EUR/USD has been trading downside this morning and I found breakout of the key support at the price of 1.0770, which is good sign for the further downside movement.

Due to the breakout of the support with the strong momentum, I see potential for the further drop towards lower reference.

Downside objective is set at the price of 1.0675

Stochastic oscillator is showing oversold condition but another bear cross, which is another sign that sellers are in control.

Key resistance is set at the price of 1.0805