Coronavirus Immeasurable Impact Continues to Sink EURUSD Beneath 1.0779 Level

EURUSD Price Analysis – March 23

Despite the opening bell in Europe at the moment, EURUSD has now come under some selling pressure after climbing to the 1.0770 regions earlier in the session and is dropping to the area beneath the 1.0700 level. The attitude of US politicians and Europe’s desperate condition with the prospect of more economic pressure may weigh heavily on the Fx pair.

Key Levels
Resistance Levels: 1.1172, 1.1000, 1.0779
Support Levels: 1.0635, 1.0569, 1.0397

EURUSD Long term Trend: Bearish

At this point, the pair is losing about 0.05 percent at 1.0675 level and faces the next support at level 1.0635 (2020 low Mar.23) seconded by level 1.0569 (monthly low Apr.10 2017) and next is level 1.0397 (low).

The entire downtrend pattern from 1.1495 (high) level in the larger structure should have continued. The next goal is a forecast of 61.8 percent from 1.1495 to 1.0779 from 1.1495 to 1.0397 levels. That level is near 1.0339 (low in 2017). On the upside, for authenticating long-term reversal, a break of 1.1495 resistance level is required. Otherwise, even in the event of a strong recovery, the pattern can stay bearish.

EURUSD Short term Trend: Bearish

A transient low is established at 1.0635 level with 4 hour RSI crossed at reading 40 beneath its neutrality axis, while the EURUSD Intraday bias is first turned neutral for consolidations.

The upside of recovery may be contained by 1.1000 level of resistance to usher in fall resumption while downside break of 1.0635 level may extend a broader downward trend to 1.0397 level next goal estimate.

Instrument: EURUSD
Order: Sell
Entry price: 1.0750
Stop: 1.0779
Target: 1.0635

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