FX.co ★ Technical Analysis of EUR/USD for August 29, 2022

Technical Market Outlook:

The EUR/USD pair had terminated the bounce at the level of 1.0089 and after the Bearish Engulfing candlestick pattern was made the market reversed strongly towards the last week low. The nearest technical resistance located at the level of 0.9955 and 1.0000. 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 remains weak and negative, 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.