FX.co ★ Technical Analysis of EUR/USD for March 6, 2023

Technical Market Outlook:

The EUR/USD pair has been seen trading between the moving averages: 50 and 100 (1.0667 - 1.0623) on H4 time frame chart. The local high during the bounce was made at the level of 1.0705, so this is the key short-term technical resistance for bears and the intraday technical resistance is still located at 1.0692 . The momentum is still positive, but so far the bulls were not strong enough to continue the breakout. On the other hand, the next target for bears is the technical support located at 1.0483 (key short-term technical support for bulls). The intraday technical support is seen at the level of 1.0577.

Weekly Pivot Points:

WR3 - 1.06959

WR2 - 1.06677

WR1 - 1.06551

Weekly Pivot - 1.06395

WS1 - 1.06269

WS2 - 1.06113

WS3 - 1.05831

Trading Outlook:

Since the beginning of October 2022 the EUR/USD is in the corrective cycle to the upside, but the main, long-term trend remains bearish. This corrective cycle might had been terminated at the level of 1.1033 which is 50% Fibonacci retracement level. The EUR had made a new multi-decade low at the level of 0.9538, so as long as the USD is being bought all across the board, the down trend will continue towards the new lows.