EURUSD broke below the 1.08 support level, but bears might pause as oversold conditions emerge

EURUSD slipped below the key psychological level of 1.08, reaching a new multi-week low early Wednesday. The broader bearish trend remains intact, strengthened by the recent formation of a 10/200DMA death cross. A daily close below 1.08 would further solidify the bearish outlook.

However, oversold RSI and sideways momentum indicators suggest the downtrend might be losing momentum. Bears are approaching support at 1.0777 (Aug 1 higher low) and targeting another key level at 1.0745 (76.4% Fibo retracement of the 1.0601/1.1214 uptrend), where stronger resistance may arise.

Any upticks are expected to be capped, offering better selling opportunities, with the broken 61.8% Fibo level at 1.0835 acting as a ceiling. Extended recovery is likely to remain limited below the 200DMA at 1.0870 (also the lower platform from Oct 17/21) to keep the bearish structure intact.

A break below the 1.0745 pivot would pave the way for a test of the 1.0670 zone (June higher base) and expose the key medium-term support at 1.0601 (2024 low from Apr 16).

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