EURUSD FORECAST 8th MARCH 2023The EUR/USD needs to move through the $1.0597 pivot to target the First Major Resistance Level (R1) at $1.0647. A return to $1.0550 would signal a bullish session. However, the EUR/USD would need the German and US stats to support a breakout session.
In the case of an extended rally, the bulls will likely test resistance at $1.07 but fall short of the Second Major Resistance Level (R2) at $1.0745. The Third Major Resistance Level (R3) sits at $1.0893.
Failure to move through the pivot would leave the First Major Support Level (S1) at $1.0499 in play. However, barring a data-fueled sell-off, the EUR/USD pair should avoid sub-$1.0450 and the Second Major Support Level (S2) at $1.0448. The Third Major Support Level (S3) sits at $1.0300.
Looking at the EMAs and the 4-hourly chart, the EMAs send bearish signals. The EUR/USD sits below the 50-day EMA ($1.06231). 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 the 50-day EMA ($1.06231) would support a breakout from R1 ($1.0647) to give the bulls a run at $1.07. However, failure to move through the 50-day EMA ($1.06231) would leave S1 ($1.0499) in play. A move through the 50-day EMA would send a bullish signal.
