EUR/USD: Long-Term Trend Continues with Potential Pullback

28 Mar 2023

The EUR/USD currency pair is currently experiencing a persistent long-term trend, which has been moving in favor of an increase in the value of the Euro. However, there may be a potential pullback in the near future as the price approaches the 50% Fibonacci level area from the previous swing. This could indicate a temporary slowdown or retracement in the current upward momentum before the pair potentially experiences a new, stronger and longer impulse in the direction of the main trend. Therefore, while our overall bias remains positive for the Euro, traders should be aware of potential short-term price fluctuations before considering long positions.