EURUSD Technical Analysis Report 18 March, 2024
EURUSD currency pair can be expected to fall further toward the next support level 1.0850 (former minor resistance from the end of February).
– EURUSD reversed from key resistance level 1.0980
– Likely to fall to support level 1.0850
EURUSD currency pair recently reversed down with the daily Shooting Star from the key resistance level 1.0980, which has been steadily reversing the pair from the start of January, as can be seen from the daily EURUSD chart below. The resistance level 1.0980 was strengthened by the upper daily Bollinger Band and by the 61.8% Fibonacci correction of the previous sharp downward impulse 1 from the end of last December.
Given the clear daily downtrend and the strengthening euro bearish sentiment seen across the FX markets today, EURUSD currency pair can be expected to fall further toward the next support level 1.0850 (former minor resistance from the end of February).
