FX.co ★ Technical analysis of EUR/USD for March 01, 2023

Pivot : 1.0637.

The volatility is very high for that the EUR/USD pair is still moving between 1.0598 and 1.0701 in coming hours. Consequently, the market is likely to show signs of a bearish trend again.

The EUR/USD traded lower and closed the day in the red area near the price of 1.0650. Today it, on the contrary, grew a little, having risen to the level of 1.0701.

On the hourly chart, the EUR/USD pair is testing the strength of the support - the moving average line MA (100) H1 (1.0637).

At the same chart, the GBP/USD pair is still below the MA 100 H1 line - the first resistance of 1.0701. Based on the foregoing, it is probably worth sticking to the north direction in trading, and as long as the GBP/USD pair remains below MA 100 H1, it may be necessary to look for entry points to buy at the end of the correction.

The EUR/USD pair tests 1.0701 level and still below it, and the contradiction between the technical indicators still valid, to continue with our neutrality until the price confirms its situation according to the mentioned level followed by detecting its next destination clearly.

To review the expected targets for the upcoming period, please check our morning report. Intraday bias in EUR/USD pair stays on the downside, as fall from 1.0701 is targeting 100 day EMA (now at 1.0650).

Firm break there will target 38.2% retracement of 1.0637 to 1.0598. The expected trading range for today is between 1.0598 support and 1.0701 resistance.

The EUR/USD pair has extended its daily slide and declined below 1.0701. With the US Dollar staying resilient against its rivals following the better-than-forecast data, the pair is having a difficult time staging a rebound in the early American session.

The expected trend for today: Bearish market. Targets : 1.0637 and 1.0598.

On the upside, break of 1.0701 minor resistance will turn bias back to the upside for retesting 1.0745 instead.

However, if the EUR/USD pair is able to break out the daily resistance at 1.0745, the market will rise further to 1.0804 to approach resistance 2 today.