logo

FX.co ★ EUR/USD analysis for March 31 2021 - Overbought condiiton and potentioal for downside continuation towards 1.1700

EUR/USD analysis for March 31 2021 - Overbought condiiton and potentioal for downside continuation towards 1.1700

Eurozone March preliminary CPI +1.3% vs +1.4% y/y expectedPrior +0.9%Core CPI +0.9% vs +1.1% y/y expectedPrior +1.1%The readings are lower than estimated, though the headline still reveals an uptick from February to March. But if you strip out higher energy prices, the core reading is seen lower so that still doesn't convince of much higher price pressures in general.Further Development

EUR/USD analysis for March 31 2021 - Overbought condiiton and potentioal for downside continuation towards 1.1700

Analyzing the current trading chart EUR/USD , I found that EUR reached overbought condiiton and that there is potential for the downside continuation.My advice is still to focus on the downside opportunities on the rallies with the downside targets at 1.1700 and 1.1610.

See also: You can open a trading account here

Key Levels:

Resistance: 1.1760Support levels: 1.1700 and 1.1610.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account