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22.03.202308:08 Forex Analysis & Reviews: Trading plan for EURUSD on March 22, 2023

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Technical outlook:

EURUSD rallied through 1.0780 intraday on Tuesday before finding mild resistance. The single currency pair is seen to be trading close to 1.0775 at this point in writing as the bulls prepare to push one more time towards the 1.0800-30 area. Prices should face strong resistance around 1.0800 which is the Fibonacci 0.618 retracement of the earlier downswing between 1.1030 and 1.0535.

EURUSD has managed to produce a complex corrective rally since prices carved a low of around 1.0535. The correction turned out to be a combination of three waves and the final wave is set to terminate close to the 1.0800-30 zone. The bears will be inclined to drag prices lower towards 1.0100 in the next several weeks.

EURUSD is working upon its larger-degree upswing, which was carved between 0.9535 and 1.1030 as seen on the daily chart. The retracement is expected to drop towards 1.0200 and up to 1.0100 before the bulls are back in control. Also, note that the Fibonacci 0.618 level of the above upswing is seen passing close to 1.0100.

Trading idea:

A potential drop towards 1.0100 against 1.1030.

Good luck!

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