FX.co ★ Technical analysis of EUR/USD for March 03, 2022

The EUR/USD pair continues moving downwards from the level of 1.1170 this morning.

The bears must set below the area of 1.1170 so as to resume the up trend in coming hours.

Today, the first resistance level is currently seen at 1.1170, the price is moving in a bearish channel now.

According to the previous events, we expect the EUR/USD pair to trade between 1.1170 and 1.1030.

So, the support stands at 1.1030, while daily resistance is found at 1.1170.

Therefore, the market is likely to show signs of a bearish trend around the spot of 1.1170.

In other words, sell orders are recommended below the spot of 1.1170 with the first target at the level of 1.1030 and continue towards 1.1003 in order to test the weekly support2on the H1 chart.

On the other hand, if the EUR/USD pair fails to break through the weekly pivot point level of 1.1170 today, the market will move upwards continuing the development of the bullish trend to the level 1.1254 (double top).

Trading recommendations :

• The trend is still bearish as long as the price of 1.1170 is not broken. Thereupon, it would be wise to sell below the price of at 1.1170 with the primary target at 1.1133. Then, the EUR/USD pair will continue towards the second target at 1.1103 (a new target is around 1.0925).

Alternative scenario :

• The breakdown of1.1170 will allow the pair to go further up to the prices 1.1212 and 1.1254.