FX.co ★ Technical analysis of EUR/USD for March 31 2022

• The EUR/USD pair reached a new minimum at the price of 1.1065. So, today the price may reach one more minimum around the spot of 1.1065, which coincides with the ratio of 508% Fibonacci Expansion. Today, the EUR/USD pair is challenging the psychological resistance at 1.1065. Hence, the resistance is seen at the level of 1.1132 in the one-hour time frame. We expect the EUR/USD pair to continues moving in a downtrend below the level of 1.1132 towards the first target at 1.1037, while major resistance is found at 1.1132 (78% Fibonacci Expansion). On the downside, a clear break at the level of 1.1037 could trigger further bearish pressure testing 1.1002, which represents the major support today. Thence, we confirm the bearish scenario. Right now, the pair will probably go down because a downward trend is still strong and the RSI indicator is still signaling that the trend is downward.

Forecast :

• As a result, it is gainful to sell below this price of 1.1132 with targets at 1.1037 and 1.1002. However, the bullish trend is still expected for the upcoming days as long as the price is above 1.0945.

Daily Technical level:

• Major resistance: 1.1185
• Minor resistance: 1.1132
• Intraday pivot point: 1.1065
• Minor support: 1.1037
• Major support: 1.1002 | 1.0945