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Euro Price Forecast: Parity Back on the Cards for EUR/USD


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Euro Price Forecast: Parity Back on the Cards for EUR/USD

Aug 22, 2022 | DailyFX
Warren Venketas, Analyst

EUR/USDTALKING POINTS

  • USD dominance looks to continue ahead of Jackson Hole.
  • Euro downside risk stems from both U.S. and EZ factors.

TECHNICAL ANALYSIS

EUR/USD DAILY CHART

eurusd daily chart

Chart prepared by Warren Venketas, IG

Price action on the daily EUR/USD chart above has bears knocking at the 1.0000 support zone for the second time in this year as the pair approaches oversold territory on the Relative Strength Index (RSI). While there is still room to head into oversold territory, I think a break below parity is definitely a possibility.

Resistance levels:

  • 1.0210
  • 20-day EMA (purple)
  • 1.0064 (76.4% Fibonacci)

Support levels:

  • 1.0000
  • 0.9854 (December 2002 swing low)
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