FX.co - EUR/USD analysis for March 08, 2023 - First downside target has been reached, potential for the further downside movement

2023-03-08T07:29:08

Relevance until2023-03-09

Technical analysis:

EUR/USD analysis for March 08, 2023 - First downside target has been reached, potential for the further downside movement

EUR/USD has been trading downside as I expected. The price reached first downside objective at 1.0535 with strong momentum.

Due to the strong downside momentum in the background I see potential for the further downside continuation after the correction.

Next downside objective is set at the price of 1.0400

Stochastic and MACD oscillators are showing downside reading with no evidence for the change in trend behavior.

Key resistance is set at the price of 1.0700

*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 08, 2023 - First downside target has been reached, potential for the further downside movement