EURUSD FORECAST 7TH MARCH 2023
The EUR/USD needs to avoid the $1.0665 pivot to target the First Major Resistance Level (R1) at $1.0708. A move through the Monday high of $1.06943 would signal a bullish session. However, the EUR/USD would need the German stats and Fed Chair Powell to support a breakout session.
In the case of an extended rally, the bulls will likely test the Second Major Resistance Level (R2) at $1.0737 and resistance at $1.0750. The Third Major Resistance Level (R3) sits at $1.0810.
A fall through the pivot would bring the First Major Support Level (S1) at $1.0636 into play. However, barring a Fed-fueled sell-off, the EUR/USD pair should avoid sub-$1.060 and the Second Major Support Level (S2) at $1.0593. The Third Major Support Level (S3) sits at $1.0521.
Looking at the EMAs and the 4-hourly chart, the EMAs send more bullish signals. The EUR/USD sits above the 200-day EMA ($1.06799). The 50-day EMA narrowed to the 100-day EMA, with the 100-day EMA closing in on the 200-day EMA, delivering bullish signals.
A hold above the 200-day EMA ($1.06799) would support a breakout from R1 ($1.0708) to give the bulls a run at R2 ($1.0737). However, a fall through the 200-day ($1.06799) and 100-day ($1.06567) EMAs would bring S1 ($1.0636) and the 50-day EMA ($1.06345) into play. A slide through the 50-day EMA would send a bearish signal.
In the case of an extended rally, the bulls will likely test the Second Major Resistance Level (R2) at $1.0737 and resistance at $1.0750. The Third Major Resistance Level (R3) sits at $1.0810.
A fall through the pivot would bring the First Major Support Level (S1) at $1.0636 into play. However, barring a Fed-fueled sell-off, the EUR/USD pair should avoid sub-$1.060 and the Second Major Support Level (S2) at $1.0593. The Third Major Support Level (S3) sits at $1.0521.
Looking at the EMAs and the 4-hourly chart, the EMAs send more bullish signals. The EUR/USD sits above the 200-day EMA ($1.06799). The 50-day EMA narrowed to the 100-day EMA, with the 100-day EMA closing in on the 200-day EMA, delivering bullish signals.
A hold above the 200-day EMA ($1.06799) would support a breakout from R1 ($1.0708) to give the bulls a run at R2 ($1.0737). However, a fall through the 200-day ($1.06799) and 100-day ($1.06567) EMAs would bring S1 ($1.0636) and the 50-day EMA ($1.06345) into play. A slide through the 50-day EMA would send a bearish signal.
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