FX.co ★ Technical analysis of EUR/USD for March 14, 2022

EUR/USD pair:

The sellers continue to control the market and now a lot will depend on their behavior at annual lows around the area of 1.1121 - 1.0806.

The EUR/USD pair started a downside correction from well below 1.1121 against the US Dollar. If the price will be able to break the 1.0926 support level to enter a short-term bearish zone.

Immediate support is seen around 1.0926. Besides, a clear break below that area could lead the price to the bearish zone in the nearest term testing 10880 or lower around 1.0806 in order to form a double bottom on the one-hour chart.

However, if the pair fails to pass through the level of 1.1121, the market will indicate a bearish opportunity below the new strong resistance level of 1.1121. Moreover, the RSI is becoming to signal a downward trend, as the trend is still showing strong below the moving average (100) and (50).

The EUR/USD pair even declined below 1.0101 and the 50 hourly simple moving average. It traded as low as 1.0960 and is currently consolidating losses.

Today, we expect the EUR/USD pair is keeping its bearish momentum bottomed at 1.0806. The bias remains bearish in the nearest term testing 1.0880.

Immediate resistance is seen around 1.0101. The daily pivot point also stands at 1.0964; for that the level of 1.0101 will act as a minor resistance in coming hours. So, any downside pullback from the prices of 1.0101/1.0964 now is normal, because on the whole we remain bearish at present.

On the other hand, on the upside the price is facing resistance near the 1.1121 level in medium term.