Fri, Mar 24, 2023 @ 23:15 GMT
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EURUSD: Risks Lie To The Downside

‘The recent good signals coming from the euro-area economy shouldn’t hide the fact that it remains an incomplete — and therefore dysfunctional — monetary union.’ – Maxime Sbaihi (Based on Bloomberg)

Pair’s Outlook

The daily chart displays that the pair has showed almost no movement whatsoever, shifting from a green to a red doji candle. It appears that EUR/USD has now initiated a downward motion as the redness of the small candle has become more consistent, meaning that 1.0639, representing the 23.6% Fibo retracement of the May-January downfall, might be the ultimate target for today. The scenario is in line with the strong resistance cluster above at 1.0673/85 which the rate has not been able to overstep, leading with the 55-day SMA.

Traders’ Sentiment

SWFX traders remain bearish on the pair, as 55% of open positions are short on Tuesday. Similarly 51% of trader set up orders are to sell the Euro.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Group
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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