FX.co ★ EUR/USD forecast on 23 March

EUR/USD continues to push lower after dropping below 1.1000 on Wednesday and trades deep in negative territory. With Wall Street's main indexes falling sharply after the opening bell, the greenback continues to gather strength as a safe haven and weighs on the pair.

The EUR/USD pair trades near the weekly low at 1.0960, barely holding above the 23.6% retracement of the January/March decline. According to the daily chart, the risk is skewed to the downside, as the 20 SMA continues heading firmly lower above the current level and providing intraday resistance. Technical indicators remain within negative levels, slowly turning lower.

The 4-hour chart shows that the pair has extended its slide below all of its moving averages, which present modest bearish slopes. At the same time, technical indicators turned south after failing to cross their midlines, supporting a bearish continuation, particularly on a break below the 1.0960 weekly low.

Support levels: 1.0960 1.0920 1.0875

Resistance levels: 1.1020 1.1070 1.1105