EURUSD FORECAST 9TH MARCH,2023
The EUR/USD needs to avoid the $1.0547 pivot to target the First Major Resistance Level (R1) at $1.0569 and the Wednesday high of $1.05739. A return to $1.0550 would signal a bullish session. However, the EUR/USD would need hawkish ECB chatter and US stats to support a breakout session.
In the case of an extended rally, the bulls will likely test the Second Major Resistance Level (R2) at $1.0596 and resistance at $1.06. The Third Major Resistance Level (R3) sits at $1.0646.
A fall through the pivot would bring the First Major Support Level (S1) at $1.0519 into play. However, barring a data-fueled sell-off, the EUR/USD pair should avoid sub-$1.0450. The Second Major Support Level (S2) at $1.0497 should limit the downside. The Third Major Support Level (S3) sits at $1.0447.
Looking at the EMAs and the 4-hourly chart, the EMAs send bearish signals. The EUR/USD sits below the 50-day EMA ($1.06058). The 50-day EMA slid back from the 100-day EMA, with the 100-day EMA pulling back from the 200-day EMA, delivering bearish signals.
A move through R1 ($1.0569) would give the bulls a run at R2 (1.0596) and the 50-day EMA ($1.06058). However, failure to move through the 50-day EMA ($1.06058) would leave S1 ($1.0519) in play. A move through the 50-day EMA would send a bullish signal.
In the case of an extended rally, the bulls will likely test the Second Major Resistance Level (R2) at $1.0596 and resistance at $1.06. The Third Major Resistance Level (R3) sits at $1.0646.
A fall through the pivot would bring the First Major Support Level (S1) at $1.0519 into play. However, barring a data-fueled sell-off, the EUR/USD pair should avoid sub-$1.0450. The Second Major Support Level (S2) at $1.0497 should limit the downside. The Third Major Support Level (S3) sits at $1.0447.
Looking at the EMAs and the 4-hourly chart, the EMAs send bearish signals. The EUR/USD sits below the 50-day EMA ($1.06058). The 50-day EMA slid back from the 100-day EMA, with the 100-day EMA pulling back from the 200-day EMA, delivering bearish signals.
A move through R1 ($1.0569) would give the bulls a run at R2 (1.0596) and the 50-day EMA ($1.06058). However, failure to move through the 50-day EMA ($1.06058) would leave S1 ($1.0519) in play. A move through the 50-day EMA would send a bullish signal.
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