FX.co ★ Technical Analysis of EUR/USD for March 8, 2023

Technical Market Outlook:

The EUR/USD pair has broken below the last month's low located at the level of 1.0534 and made a new local low at the level of 1.0533 (at the time of writing the article). The next target for bears is seen at the level of 1.0483, which is the 2023 low from the beginning of January. The intraday technical resistance is seen at the level of 1.0577. The weak and negative momentum on the H4 time frame chart supports the short-term bearish outlook for EUR.

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.