FX.co ★ EUR/USD Technical Analysis and Trading Tips for September 28, 2022

Generally, EUR/USD continues to move downwards. The pair remains in the bearish market zone, both long-term—below resistance levels 1.1150 (144 EMA on the weekly chart), 1.1265 (200 EMA on the weekly chart), 1.0570 (200 EMA on the daily chart), and short-term—below resistance levels 0.9774 (200 EMA on the 1-hour chart), 0.9956 (200 EMA on the 4-hour chart).

If the dollar is under pressure today (in the case of Powell's dovish rhetoric during his speech today at 14:15 GMT), then EUR/USD may have a chance to recover slightly after a strong fall on fixing part of long positions in USD. In this case, a corrective growth to the resistance level of 0.9774 is likely. Its breakdown will be a signal for the implementation of an alternative scenario, which implies the growth of EUR/USD (with a target at the resistance level of 1.0025).

In the main scenario, we expect further decline. The nearest target is a local low and a support level of 0.9535. Then towards the marks 0.8700, 0.8600.

Support levels: 0.9535, 0.9500, 0.9400, 0.9300, 0.9200, 0.9000

Resistance levels: 0.9615, 0.9700, 0.9744, 0.9900, 0.9956, 1.0000, 1.0025, 1.0195, 1.0200

Trading Tips

Sell by market. Stop Loss 0.9680. Take Profit 0.9535, 0.9500, 0.9400, 0.9300, 0.9200, 0.9000

Buy Stop 0.9680. Stop-Loss 0.9580. Take-Profit 0.9700, 0.9744, 0.9900, 0.9956, 1.0000, 1.0025, 1.0195, 1.0200