21.09.202208:20 Forex Analysis & Reviews: Technical Analysis of EUR/USD for September 21, 2022

Technical Market Outlook:

After making the local high at the level of 1.0050, EUR/USD reversed lower, broke the intraday technical support at 0.9950 and is heading lower. The market participants await the FED interest rate decision and press conference scheduled at 8:00 PM tonight. The nearest technical support is seen at 0.9934 and 0.9901. 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 longer term down trend is reversed. Please watch the USDX as the correlation between this two is directly opposite.

Weekly Pivot Points:

WR3 - 1.01231

WR2 - 1.00595

WR1 - 1.00262

Weekly Pivot - 0.99959

WS1 - 0.99626

WS2 - 0.99323

WS3 - 0.98687

Trading Outlook:

Despite the recent relief rally towards the short-term support, 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. 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.