#EURUSD: Recovery Struggles at Parity Level (14 SEPTEMBER 2022)

Recovery attempts after Tuesday’s 1.5% drop, cracked parity barrier (reinforced by 20DMA), but so far lack momentum for stronger recovery.

Headwinds from parity zone, accompanied with bearishly aligned daily studies, warn of recovery stall, which would be additionally signaled by repeated close below this level, as Tuesday’s long bearish daily candle weighs heavily.

On the other side, 14-d momentum is in positive territory and turning north, while near-term action is also underpinned by rising 4-hr cloud, but sustained break above parity is seen as minimum requirement to generate initial recovery signal, which would need confirmation on lift above 1.0031/47 (daily Tenkan-sen/Fibo 38.2% of 1.0197/0.9955 Mon-Wed drop).

Res: 1.0031; 1.0047 1.0076; 1.0105.
Sup: 0.9955; 0.9900; 0.9864; 0.9785.

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