24.02.202316:46 Forex Analysis & Reviews: Technical analysis of EUR/USD for February 24, 2023

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Overview:

The EUR/USD pair faced resistance at the level of 1.0577, while minor resistance is seen at 1.0577. Support is found at the levels of 1.0537and 1.0500. Pivot point has already been set at the level of 1.0577. Equally important, the EUR/USD pair is still moving around the key level at 1.0577, which represents a daily pivot in the H1 time frame at the moment.

Yesterday, the EUR/USD pair continued moving downwards from the level of 1.0577. The pair fell to the bottom around 1.0537 from the level of 1.0577 (coincides with the ratio of 23.6% Fibonacci retracement).

Moreover, the double bottom is also coinciding with the major support (1.0537) this week. Additionally, the RSI is still calling for a strong bearish market as well as the current price is also below the moving average 100.

In consequence, the EUR/USD pair broke support , which turned into strong resistance at the level of 1.0577. The level of 1.0601 is expected to act as the major support today.

We expect the EUR/USD pair to continue moving in the bearish trend towards the target levels of 1.0500.

On the downtrend:

If the pair fails to pass through the level of 1.0500, the market will indicate a bearish opportunity below the level of 1.0500. So, the market will decline further to 1.0475 and 1.0450 to return to the daily support.

Moreover, a breakout of that target will move the pair further downwards to 1.0450 in order to form a new double bottom.

On the other hand, if a breakout happens at the resistance level of 1.0601, then this scenario may be invalidated.

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