18.03.202212:11 Forex Analysis & Reviews: Technical analysis of EUR/USD for March 18, 2022

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Overview :

The EUR/USD pair will continue to rise from the level of 1.1019. The support is found at the level of 1.1019, which represents the 50% Fibonacci retracement level in the M30 time frame. The price is likely to form a double bottom.

Today, the major support is seen at 1.1019, while immediate resistance is seen at 1.1085. Accordingly, the EUR/USD pair is showing signs of strength following a breakout of a high at 1.1085.

So, buy above the level of 1.1019 with the first target at 1.1085 in order to test the daily resistance 1 and move further to 1.1137.

Also, the level of 1.1137 is a good place to take profit because it will form a double top.

Amid the previous events, the pair is still in an uptrend; for that we expect the EUR/USD pair to climb from 1.1019 to 1.1137 today.

At the same time, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.1019, a further decline to 1.0957 can occur, which would indicate a bearish market.

On the downtrend:

The trend is still below the 100 EMA for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside. From this point of view, the first resistance level is seen at 1.1085 followed by 1.1137, while daily support 1 is seen at 1.1019 (50% Fibonacci retracement).

If the pair fails to pass through the level of 1.1085, the market will indicate a bearish opportunity below the level of 1.1085.

Hence, the market will decline further to 1.1019 and 1.0975 to return to the daily support.

Moreover, a breakout of that target will move the pair further downwards to 1.0957.

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