FX.co - EUR/USD analysis for March 07, 2023 - Potential for the downside movement

2023-03-07T07:32:20

Relevance until2023-03-08

Technical analysis:

EUR/USD analysis for March 07, 2023 - Potential for the downside movement

EUR/USD has been trading sideways at the resistance Fibonacci confluence zone 1.0690.

Due to the strong resistance zone in the background and the downside cycle, I see potential for the further downside movement.

Downside objectives are set at the price of 1.0580 and 1.0545

Stochastic and MACD oscillators are still showing upside reading but watch for potential bear cross to confirm further downside direction...

Key resistance is set at the price of 1.0700-1.0730

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ EUR/USD analysis for March 07, 2023 - Potential for the downside movement