Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis 29-SEP-2022

EUR/USD Daily Analysis

Intraday bias in EUR/USD has turned neutral again with the current recovery. Some consolidations could be seen but the upside should be limited by 0.9863 support turned resistance to bring fall resumption. A break of 0.9534 will resume a larger downtrend and target a 161.8% projection of 1.0368 to 0.9863 from 1.0197 at 0.9380 next.

In the bigger picture, the downtrend from 1.6039 (2008 high) is still in progress. The next target is a 100% projection of 1.3993 to 1.0339 from 1.2348 at 0.8694. In any case, the break of 1.0197 resistance is needed to be the first sign of medium-term bottoming. Otherwise, the outlook will stay bearish even with a strong rebound.

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