Forex: EUR/USD - The Next Target Is Fibonacci Retracement

This week starts with news about China and COVID and will go on with Eurozone inflation data and other crucial events

Relevance up to 07:00 2022-08-31 UTC+2

Technical Market Outlook:

The EUR/USD pair has broken through the nearest technical resistance located at the level of 0.9955 and is currently consolidating around the parity level. The next target for bulls is the 38% Fibonacci retracement again located at the level of 1.0078. The next target for bears is seen at the level of 0.9901, but it might not be enough and the down wave might be extended lower. The momentum is positive-to-neutral, so the EUR is still under the pressure. The monthly candle looks bearish and there is no indication of the down trend termination or reversal on the higher time frames as well.

Weekly Pivot Points:

WR3 - 1.00077

WR2 - 0.99699

WR1 - 0.99503

Weekly Pivot - 0.99321

WS1 - 0.99125

WS2 - 0.98943

WS3 - 0.98565

Trading Outlook:

There is no sign of relief for the EUR as the down trend should continue lower towards the level or 0.9900 and below. The EUR is under the strong bearish pressure and as long as the USD is kept being bought all across the board, the down trend will continue.

Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.


Source: Forex Analysis & Reviews: Technical Analysis of EUR/USD for August 30, 2022

This week starts with news about China and COVID and will go on with Eurozone inflation data and other crucial events

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