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16.03.202309:54 Forex Analysis & Reviews: Technical Analysis of EUR/USD for March 16, 2023

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Technical Market Outlook:

The EUR/USD pair has made a new weekly high at the level of 1.0760 and reversed sharply lower. The bears broke below the technical support seen at 1.0692 or 1.0680, so this levels will now act as the technical resistance. Please notice the market has made a new, marginal lower low at the level of 1.0517. The market is back below the 100 and 50 MA again as the market moved away from the extremely overbought conditions. In a case of a further down movement extension, the next target for bears is seen at 1.0483, which is the key technical support for bulls on H4 time-frame chart.

Weekly Pivot Points:

WR3 - 1.08556

WR2 - 1.07825

WR1 - 1.07553

Weekly Pivot - 1.07094

WS1 - 1.06822

WS2 - 1.06363

WS3 - 1.05632

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.

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