23.08.202214:54 Forex Analysis & Reviews: EUR/USD Technical Analysis and Trading Tips for August 23, 2022

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The downward dynamics of EUR/USD remains. If the dollar is under pressure, then EUR/USD will receive an impulse for growth, but only within the framework of an upward correction.

Today the pair has renewed the low since January 2003, dropping to 0.9900, and the pressure on it remains.

Probably, the matter will not be limited to a local low of 0.9900, and the price will go lower. The first target of the decline is the level of 0.9840, through which the lower border of the descending channel passes on the weekly chart.

Below the key resistance levels of 1.0765 (200 EMA on the daily chart), 1.1330 (200 EMA on the weekly chart), EUR/USD is in the zone of a long-term bearish market, and a possible corrective growth will most likely be limited either by the local resistance level of 1.0355 or the resistance level of 1.0265 (50 EMA on the daily chart). Breakouts of resistance levels 1.0000, 1.0105 (200 EMA on the 1-hour chart) will be signals for the beginning of an upward correction.

In the main scenario, we expect further decline. Today, the volatility in the dollar quotes and the EUR/USD pair will increase at 13:45 and 14:00 (GMT) and tomorrow at 12:30.

Support levels: 0.9900, 0.9840, 0.9800

Resistance levels: 1.0000, 1.0105, 1.0200, 1.0207, 1.0265, 1.0300, 1.0355 , 1.0485, 1.0610, 1.0765, 1.0840

Trading Tips

Sell Stop 0.9890. Stop-Loss 0.9965. Take-Profit 0.9900, 0.9840, 0.9800

Buy Stop 0.9965. Stop-Loss 0.9890. Take-Profit 1.0000, 1.0105, 1.0200, 1.0207, 1.0265, 1.0300, 1.0355, 1.0485, 1.0610, 1.0765, 1.0840

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