12.09.202311:48 Forex Analysis & Reviews: Technical Analysis of EUR/USD for September 12, 2023

Technical Market Outlook:

The EUR/USD pair had been rejected from the technical resistance located at the level of 1.0766 and reversed lower after the Shooting Star candlestick pattern was made at the H4 time frame chart.

The Head & Shoulders pattern on the H4 time frame chart of EUR/USD is being still developed as the price makes another lower low at the level of 1.0687. Any sustained violation of the level of 1.0687 will extend the drop lower towards the level of 1.0669 and 1.0600. The intraday technical resistance is seen at the level of 1.0766. The next technical support is seen at the level of 1.0669. The projected target of the Head & Shoulders price pattern on the H4 time frame is seen at 1.0550.

Weekly Pivot Points:

WR3 - 1.07913

WR2 - 1.07581

WR1 - 1.07420

Weekly Pivot - 1.07249

WS1 - 1.07088

WS2 - 1.06917

WS3 - 1.06585

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.