EUR/USD technical analysis (daily chart): 11.09.2023

EUR/USD technical analysis (daily chart):

EUR/USD declined for an eight consecutive week, which is its most bearish sequence in nine years. Yet the daily chart shows signs of stability above 1.07 with an inverted pinbar, and as I’d prefer not to be shorting around cycle lows I’d like to see a bounce towards the 1.0766 resistance level before considering short positions. If a swing high materialises beneath or around 1.0766, the bearish target is then 1.0650 or around the May low.