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Technical Analysis of EUR/USD for March 21, 2023

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Technical Market Outlook:

The EUR/USD pair keeps moving up towards the last swing high located at 1.0760 and the recent local high was made at the level of 1.0731. The market is back above the 100 and 50 MA again and is currently consolidating in a narrow range around the last high. The intraday technical support is seen at the level of 1.0637 and the intraday technical resistance is located at 1.0749. In a case of a breakout to the upside above the level of 1.0760, the next target for bulls is seen at the level of 1.0805. The strong and positive momentum on the H4 time-frame chart support the short-term bullish outlook for EUR.

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Weekly Pivot Points:

WR3 - 1.07258

WR2 - 1.07006

WR1 - 1.06865

Weekly Pivot - 1.06754

WS1 - 1.06613

WS2 - 1.06502

WS3 - 1.06250

Trading Outlook:

Since the beginning of October 2022 the EUR/USD is in the corrective cycle to the upside, but the main, long-term trend remains bearish. This corrective cycle might had been terminated at the level of 1.1033 which is 50% Fibonacci retracement level. The EUR had made a new multi-decade low at the level of 0.9538, so as long as the USD is being bought all across the board, the down trend will continue towards the new lows.


Trading analysis offered by Flex EA.
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