FX.co ★ EUR/USD analysis for March 09, 2023 - Potential for the further drop

Technical analysis:

EUR/USD has been trading in the sideways range at the price of 1.0533 but in the downside trending condiiton, which is a sign for potential downside continuation.

Due to the strong downside pressure in the background and rejection of Fibonacci confluence, I see potential for the further drop.

Downside objective is set at the price of 1.0400

MACD oscillator is still showing downside reading, which is sign that sellers are in control.

Key short-term resistance is set at the price of 1.0580