FX.co ★ EUR/USD analysis for March 16, 2023 - Downside target reached

Technical analysis:

EUR/USD has been trading downside as I expected and the price reached the main downside objective at 1.0580.

Due to the strong downside movement yesterday and the weak really this morning, I see potential for the further downside movement after the upside correction.

Downside objective is set at the price of 1.0513

Stochastic oscillator is showing fresh upside cross but the MACD is still on the downside cycle.

Key resistance is set at the price of 1.0630 and 1.0660