FX.co ★ Technical Analysis of EUR/USD for March 31, 2023

Technical Market Outlook:

The EUR/USD bulls finally broke above the intraday technical resistance seen at 1.0868 and are approaching the last swing high located at 1.0930. In a case of failure to break above the swing high the next target for bears is seen at the level of 1.0676 (61% Fibonacci retracement level).The intraday technical resistance is located at 1.0817 and the intraday technical support is seen at 1.0872. The strong and positive momentum supports the short-term bullish outlook for EUR, however, the current market conditions are extremely overbought. Please notice today we have weekly close, monthly close and quarterly close.

Weekly Pivot Points:

WR3 - 1.08061

WR2 - 1.07861

WR1 - 1.0775

Weekly Pivot - 1.07661

WS1 - 1.0755

WS2 - 1.07461

WS3 - 1.07261

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.