EURUSD Downside Pressure Confronts Mild Support at 1.1870 Level

EURUSD Downside Pressure Confronts Mild Support at 1.1870 Level

EURUSD Price Analysis – March 22

Despite an earlier improvement in the overall EURUSD outlook, the pair came under pressure as the price tanked towards a low level at 1.1870. EUR is holding well, however the pair can fall on a break below 1.1870 although posting a limited downside we can see a reversal from there. Retreating Treasury yields capped any strong gains for the USD bulls and helped limit the slide.

Key Levels
Resistance Levels: 1.2190, 1.2050, 1.1952
Support Levels: 1.1870, 1.1740, 1.1693
EURUSD Long term Trend: Ranging
The EURUSD recovery may extend above the moving averages 5 and 13 towards the 1.1952 barriers while above today’s low at 1.1870 level. A ranged movement within 1.1900-1.1950 could be possible for the medium term. Unless a break on either side of this range is seen, it would be difficult to get clarity on further direction.

However, a clear breach of the ascending trendline may change the attention towards the 1.1740 low level. Only a break of 1.1952 level medium-term resistance may imply the present negative phase in EUR has run its course. The pair now trades near 1.1910, representing a 0.10% gain on the day, having rebound from a low of 1.1870.
EURUSD 4-Short term Trend: Ranging
The intraday bias in EURUSD is heading into the neutral zone for the moment. On the upside, a break of the 1.1952 level in the near term will extend the rebound towards the 1.1989 level. In the event of a sustained breach there, the pair will indicate completion of correction from 1.2240 and bring a retest of this high.

On the downside, however, a break of 1.1870 level will extend the correction from 1.2240 to 38.2% retracement of 1.0635 to 1.2240 at 1.1693 level. In the meantime, EURUSD keeps the rebound theme unchanged and is still supported by the ascending trendline support near the 1.1870 level.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.