The Euro Building on Support 23/3/2022

The eurodollar achieved the first target published during the previous technical analysis at 1.0960, recording the lowest price at 1.0960, returning to the limited bullish bounce, building on support level. It is now hovering around the 1.1030 level.

Technically, despite the slight bullish bias, we still believe that the bearish trend is most likely, based on the stability of the intraday trading below 1.1065 resistance, accompanied by the pair receiving negative signals from the stochastic indicator.

Therefore, we maintain the same previous technical conditions. The decline below the 1.0965 support level facilitates the task required to visit 1.0920, a next station whose targets may extend later to visit 1.0890.

As long as the price is generally stable below the previously broken support level that turned into the 1.1100 resistance level, and only its breach of it may stop the bearish scenario, we will witness an upward bias that aims to retest 1.1150.

Note: The risk level is high.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 1.0965	R1: 1.1065
S2: 1.0920	R2: 1.1105
S3: 1.0870	R3: 1.1150