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22.03.202309:18 Forex Analysis & Reviews: Technical Analysis of EUR/USD for March 22,2023

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.

Technical Market Outlook:

The EUR/USD pair has made a new swing high at the level of 1.0789 and is currently consolidating the recent gains in a narrow range located between the levels of 1.0760 - 1.0789. The intraday technical support is seen at the level of 1.0760 and the intraday technical resistance is located at 1.0789. The volatility remains decreased ahead of the FED interest rate decision today, but in a case of a breakout to the upside above the level of 1.0789, the next target for bulls is seen at the level of 1.0805 and even 1.0940. The strong and positive momentum on the H4 time-frame chart support the short-term bullish outlook for EUR.

Exchange Rates 22.03.2023 analysis

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.

Sebastian Seliga
Analytical expert of InstaForex
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