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

Technical Market Outlook:

The EUR/USD pair has made another lower low at the level of 0.9539, but the bulls bounced strongly about 2.25% towards the level of 0.9750. No nearest technical support in view as the market hits the multi-year lows, however, the resistance is seen at 0.9811. In the longer term, the key technical resistance level is located at 1.0389 (swing high from August 11th), so the bulls still have a long road to take before the down trend reversal is confirmed. Please watch the USDX as the correlation between this two markets (EUR/USD and USDX) is directly opposite. The short-term outlook for the EUR remains bearish.

Weekly Pivot Points:

WR3 - 0.99372

WR2 - 0.97857

WR1 - 0.97189

Weekly Pivot - 0.96342

WS1 - 0.95674

WS2 - 0.94827

WS3 - 0.93312

Trading Outlook:

The EUR is still under the strong bearish pressure and as long as the USD is kept being bought all across the board, the down trend will continue far below the parity level, towards the new multi-year lows. In the mid-term, the key technical resistance level is located at 1.0389 and only if this level is clearly violated, the down trend might be considered terminated. Please notice, there is plenty of down room for the EUR to go as the bears keep making a new, multi-year lows.