FX.co ★ Technical Analysis of EUR/USD for March 29, 2023

Technical Market Outlook:

The EUR/USD pair has tried to bounce higher to bounce higher, but bulls were rejected from the intraday technical resistance seen at 1.0818. In a case of failure to break above the intraday technical resistance level and the continuation of the corrective cycle to the downside, the next target for bears is seen at the level of 1.0676 (61% Fibonacci retracement level) and 1.0691 (100 MA). The intraday technical resistance is located at 1.0817 and the intraday technical support is seen at 1.0714. The weak and negative momentum on H4 time frame chart supports the short term bearish outlook for Euro.

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.