FX.co ★ EURUSD analysis for March 8, 2022.

EURUSD is trading just above 1.09 after testing the major support trend line at 1.0850 yesterday when price made a low just above 1.08. Short-term trend remains bearish. Price continues to trade inside the bearish channel.

Red lines - bearish channel

Blue line- major support trend line

EURUSD remains under pressure. Price seem to have an appetite of breaking below the blue support trend line. Until this happens, we can see that there are increased chances of a strong bounce towards the upper channel boundary. EURUSD bulls do not want to see price fall below the blue upward sloping trend line. This would be a strong bearish signal and could push EURUSD even below 1.06. Traders need to be very cautious and not overly pessimistic.