Daily Price Outlook

- EUR/USD slips to 1.08318, facing resistance up to 1.0964; pivotal point at 1.0869 suggests bearish market sentiment.

- RSI at 38 and bearish candle formation indicate potential for continued downward movement.

- Advised trading strategy includes a sell limit at 1.0869, targeting take profit at 1.0799 with a stop loss at 1.0898.

On March 22, the EUR/USD pair registered a decrease, falling by 0.26% to a rate of 1.08318. This movement indicates a bearish sentiment in the market, as the pair trades below the pivotal 1.0869 mark. Resistance levels are observed at 1.0898, 1.0936, and 1.0964, suggesting potential ceilings the pair might face in its upward trajectory. Conversely, support levels are positioned at 1.0799, 1.0764, and 1.0733, marking critical zones where the price could find a floor in the event of further declines.

The Relative Strength Index (RSI) stands at 38, pointing towards a bearish momentum, while the 50-Day Exponential Moving Average (EMA) at 1.0895 currently lies just above the day's closing price, underscoring the downward pressure. A bearish engulfing candle formation on the 4-hour timeframe near the 1.0830 level reinforces the expectation of continued downtrend for the EUR/USD pair.

Considering the technical landscape, the market outlook for the EUR/USD is bearish, prompting a recommended trading strategy with a sell limit order at 1.0869. This strategy targets a take profit at 1.0799 and sets a stop loss at 1.0898 to safeguard against potential upward movements.

EUR/USD Price Chart - Source: Tradingview
EUR/USD Price Chart - Source: Tradingview

EUR/USD - Trade Ideas

Entry Price – Sell Limit 1.08678

Take Profit – 1.08001

Stop Loss – 1.09065

Risk to Reward – 1: 1.75

Profit & Loss Per Standard Lot = +$677/ -$387

Profit & Loss Per Mini Lot = +$67/ -$38



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