FX.co ★ Technical Analysis of EUR/USD for September 28, 2023

Technical Market Outlook:

The EUR/USD pair has made a new swing low at the level of 1.0489, so the key technical support located at the level of 1.0517 had been broken and the next target for bears is seen at the level of 1.0483. The market is ready to pull-back higher towards the technical resistance located at the level of 1.0616 as the momentum on the daily time-frame chart has hit the extremely oversold levels as well. Please notice, that despite the possible pull-back, the mid-term outlook remains bearish due to the Bearish Cross of 50 and 100 DMA on the daily time frame chart.

Weekly Pivot Points:

WR3 - 1.06744

WR2 - 1.06610

WR1 - 1.06535

Weekly Pivot - 1.06476

WS1 - 1.06401

WS2 - 1.06342

WS3 - 1.06208

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 was terminated at the level of 1.1286 which is 61% Fibonacci retracement level and the market reversed lower. The intermediate down move is 8 weeks long now and if the level of 1.0636 is broken (technical support), then the bears might extend the down move towards the level of 1.0517.