EURUSD Forecast 01/03/2023
The EUR/USD needs to move through the $1.0597 pivot to target the First Major Resistance Level (R1) at $1.0621 and the Tuesday high of $1.06453. A return to $1.06 would signal a bullish session. However, the EUR/USD would need the stats and the ECB chatter to support a breakout session.
In the case of an extended rally, the bulls will likely test the Second Major Resistance Level (R2) at $1.0670 and resistance at $1.07. The Third Major Resistance Level (R3) sits at $1.0743.
Failure to move through the pivot would leave the First Major Support Level (S1) at $1.0548 into play. However, barring a data-fueled sell-off, the EUR/USD pair should avoid sub-$1.05. The Second Major Support Level (S2) at $1.0524 should limit the downside. The Third Major Support Level (S3) sits at $1.0451.
Looking at the EMAs and the 4-hourly chart, the EMAs send a bearish signal. The EUR/USD sits below the 50-day EMA ($1.06213). The 50-day EMA slipped back from the 200-day EMA, with the 100-day EMA pulling back from the 200-day EMA, delivering bearish signals.
A move through R1 ($1.0621) and the 50-day EMA ($1.06213) would give the bulls a run at the 100-day EMA ($1.06665) and R2 ($1.0670). A move through the 50-day EMA would send a bullish signal. However, failure to move through the 50-day EMA ($1.06213) would leave the Major Support Levels in play.
In the case of an extended rally, the bulls will likely test the Second Major Resistance Level (R2) at $1.0670 and resistance at $1.07. The Third Major Resistance Level (R3) sits at $1.0743.
Failure to move through the pivot would leave the First Major Support Level (S1) at $1.0548 into play. However, barring a data-fueled sell-off, the EUR/USD pair should avoid sub-$1.05. The Second Major Support Level (S2) at $1.0524 should limit the downside. The Third Major Support Level (S3) sits at $1.0451.
Looking at the EMAs and the 4-hourly chart, the EMAs send a bearish signal. The EUR/USD sits below the 50-day EMA ($1.06213). The 50-day EMA slipped back from the 200-day EMA, with the 100-day EMA pulling back from the 200-day EMA, delivering bearish signals.
A move through R1 ($1.0621) and the 50-day EMA ($1.06213) would give the bulls a run at the 100-day EMA ($1.06665) and R2 ($1.0670). A move through the 50-day EMA would send a bullish signal. However, failure to move through the 50-day EMA ($1.06213) would leave the Major Support Levels in play.
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