FX.co ★ Technical Analysis of EUR/USD for September 7, 2022

Technical Market Outlook:

The EUR/USD pair has made a new swing low located at the level of 0.9865, but bulls are trying to bounce again as the Pin Bar candlestick was made at the end of the move on the H4 time frame chart. The momentum is negative and weak on the H4 time frame chart, so the bears are clearly in control again and they might push the price towards the lower levels. In order to terminate the down trend or at least make a correction, the bulls must break above the technical resistance located at the level of 1.0090 and 1.0122. In the longer term, the key technical resistance level is located at 1.0389. The whipsaw price action below the parity level continues.

Weekly Pivot Points:

WR3 - 0.9992

WR2 - 0.99454

WR1 - 0.99156

Weekly Pivot - 0.98988

WS1 - 0.98690

WS2 - 0.98522

WS3 - 0.98056

Trading Outlook:

There is no sign of relief for the EUR as the down trend should continue below the parity level. 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. In the longer term, the key technical resistance level is located at 1.0389.