FX.co ★ Technical Analysis of EUR/USD for August 24, 2022

Technical Market Outlook:

The EUR/USD pair had made a new swing low at the level of 0.9901 and then bounced from the extremely oversold market conditions. The nearest technical resistance is located at the level of 1.0000 and needs to be clearly violated for a more solid bounce. Please notice the weak and negative momentum on the H4 time frame chart supports the short-term bearish outlook for EUR with a potential target seen at the level of 0.9900 or even lower. The US Dollar is still being bought all across the board, so the bearish pressure on EUR is still strong.

Weekly Pivot Points:

WR3 - 1.0089

WR2 - 1.0057

WR1 - 1.0035

Weekly Pivot - 1.0025

WS1 - 1.0003

WS2 - 0.9992

WS3 - 0.09960

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.