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07.10.202208:54 Forex Analysis & Reviews: Technical Analysis of EUR/USD for October 7, 2022

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical Market Outlook:

The EUR/USD pair had tested the parity level from below, reversed and started a corrective cycle to the downside. The nearest technical support is seen at 0.9751 and 0.9731 and the next technical resistance is seen at 0.9811 and 0.9835. The projected target for the wave C is located at the 50% Fibonacci retracement at 0.9767 and 61% Fibonacci retracement seen at 0.9713. 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 mid and long-term outlook for the EUR remains bearish until the swing high seen at 1.0389 is clearly broken.

Exchange Rates 07.10.2022 analysis

Weekly Pivot Points:

WR3 - 0.99093

WR2 - 0.98588

WR1 - 0.98328

Weekly Pivot - 0.98083

WS1 - 0.97823

WS2 - 0.97578

WS3 - 0.97073

Trading Outlook:

Despite the recent bounce, the EUR/USD market 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.

Sebastian Seliga
Analytical expert of InstaForex
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