FX.co - EUR/USD analysis for March 14, 2023 - Potential for the further drop

2023-03-14T07:08:29

Relevance until2023-03-15

Technical analysis:

EUR/USD analysis for March 14, 2023 - Potential for the further drop

EUR/USD has been trading upside in the background but I found rejection of the key resistance Fibonacci zone at 1.0720

Due to the rejection of the key resistance zone and overbought reading, I see potential for the downside movement today.

Downside objective is set at the price of 1.0580

Stochastic oscillator is showing fresh downside cross, which is another good sign for the further downside movement.

Key resistance is set at the price of 1.0720/40

*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 14, 2023 - Potential for the further drop