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21.03.202317:05 Forex Analysis & Reviews: Technical analysis on EURUSD for March 21st, 2023.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 21.03.2023 analysis

Red lines - expanding triangle

Blue lines- bullish channel

Black line- long-term support trend line

EURUSD is trading around 1.0775. Short-term trend is bullish as price continues making higher highs and higher lows inside the blue upward sloping channel. Price is now approaching the resistance trend line of the expanding triangle pattern upper boundary. There are increased chances of a rejection around 1.08. The RSI is approaching overbought levels. Price is testing resistance area. Support is at 1.07. As long as price holds above 1.07, bulls remain in control of the short-term trend. Since February price has formed this expanding triangle. Traders need to be patient to see which direction the triangle is finally broken.

Alexandros Yfantis
Analytical expert of InstaForex
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