FX.co ★ EUR/USD forecast on 22 March, 2022

EUR/USD is trading in positive territory above 1.1000 in the second half of the day, supported by the modest selling pressure surrounding the greenback. With Wall Street's main indexes edging higher after the opening bell, the US Dollar Index stays in the red below 98.50.

The EUR/USD pair bounced from a Fibonacci support level at around 1.0965, as it bottomed for the day at 1.0960. The daily chart shows that technical indicators remain within negative levels without directional strength, a sign of tepid buying interest. Furthermore, the 20 SMA maintains its firmly bearish slope above the current level and below the longer ones.

The 4-hour chart shows that technicals indicators aim north, but also that they remain within negative levels. The pair is currently struggling with a mildly bearish 100 SMA while below a flat 20 SMA. The next relevant resistance comes at 1.1070, the 38.2% retracement of this year's decline. Bulls may take control if the pair breaks above the level, aiming to the next Fibonacci resistance at 1.1150.

Support levels: 1.1000 1.0965 1.0920

Resistance levels: 1.1070 1.1105 1.1150