FX.co ★ Technical Analysis of EUR/USD for September 6, 2023

Technical Market Outlook:

The big Head & Shoulders pattern on the H4 time frame chart is still in progress on the EUR/USD as the price makes another lower low at the level of 1.0707. Any sustained violation of the level of 1.0707 will extend the drop lower towards the level of 1.0669 and 1.0600. The intraday technical resistance is seen at the level of 1.0785. The next technical support is seen at the level of 1.0669. The weak and negative momentum on the H4 time frame chart support the short-term bearish outlook for EUR. The projected target of the Head & Shoulders price pattern on the H4 time frame is seen at 1.0550.

Weekly Pivot Points:

WR3 - 1.08219

WR2 - 1.08025

WR1 - 1.07948

Weekly Pivot - 1.07831

WS1 - 1.07754

WS2 - 1.07637

WS3 - 1.07443

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.