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31.03.202308:29 Forex Analysis & Reviews: Technical Analysis of EUR/USD for March 31, 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 bulls finally broke above the intraday technical resistance seen at 1.0868 and are approaching the last swing high located at 1.0930. In a case of failure to break above the swing high the next target for bears is seen at the level of 1.0676 (61% Fibonacci retracement level).The intraday technical resistance is located at 1.0817 and the intraday technical support is seen at 1.0872. The strong and positive momentum supports the short-term bullish outlook for EUR, however, the current market conditions are extremely overbought. Please notice today we have weekly close, monthly close and quarterly close.

Exchange Rates 31.03.2023 analysis

Weekly Pivot Points:

WR3 - 1.08061

WR2 - 1.07861

WR1 - 1.0775

Weekly Pivot - 1.07661

WS1 - 1.0755

WS2 - 1.07461

WS3 - 1.07261

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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