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

InstaForex Analysis

Instant Trading EU Ltd. is the CFD broker regulated by CySec with license number 266/15.

 

Besides CySEC, Instant Trading EU Ltd. is also supervised by the Czech National Bank (CNB), the Slovak National Bank (SNB), and the Polish Financial Supervision Authority (KNF). Consequently, InstaForex has branches in the Czech Republic, Slovakia, and Poland, where it provides support in local languages. InstaForex is a member of the Investor Compensation Fund (I.C.F) which is an additional security for the client's funds. Besides, the broker ensures the Negative balance protection. So, the reliability and trustworthiness of this broker raise no doubts.

 

Instaforex offers access to more than 2,500 instruments (Stocks CFDs, ETFs, IPOs, Indices, Commodities, Forex, Cryptocurrencies, US Synthetic Stocks) and the MT4 and MT5 platforms, trading accounts in EUR, USD, PLN, CZK, GBP.

 

More information at: www.instaforex.eu

Follow InstaForex on:

Twitter | LinkedIn