EURUSD break 1.08 support but bears may take a breather on oversold conditions

EURUSD dipped below psychological 1.08 support and hit new multi-week low in early Wednesday.

Larger bears remain firmly in play and reinforced by the most recent formation of 10/200DMA death cross, with daily close below 1.08 to reinforce bearish stance.

However, oversold RSI and 14-d momentum in sideways mode suggest that the downtrend may be running out of steam.

Bears approached support at 1.0777 (Aug 1 higher low) and eye another significant point at 1.0745 (Fibo 76.4% of 1.0601/1.1214 uptrend) where fresh headwinds could be expected.

Upticks are likely to be limited and provide better selling opportunities, with broken Fibo 61.8% (1.0835) to ideally cap and potential extended upticks to stay below 200DMA (1.0870, also Oct 17/21 lower platform) to keep larger bears intact.

Break of 1.0745 pivot to open way for test of 1.0670 zone (June higher base) and unmask key med-term support at 1.0601 (2024 low, posted on Apr 16).

Res: 1.0800; 1.0835; 1.0870; 1.0907
Sup: 1.0777; 1.0745; 1.0700; 1.0676