Thu, Mar 23, 2023 @ 01:27 GMT
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EUR/USD Tests Critical Floor

The euro dips further over weaker-than-expected eurozone GDP in Q4. On the daily chart, the pair came under pressure on the 30-day SMA (1.0700). A subsequent liquidation below 1.0630 then 1.0550 has invalidated the rebound from the end of February. The pair is hovering above this year’s low and the daily support of 1.0480. A break below this critical floor might trigger a bearish reversal in the weeks to come. As the RSI recovers into the neutral area, short-covering may send the euro to the first resistance at 1.0590.

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