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.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing result

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.