empty
17.03.2023 12:12 PM
Technical analysis of EUR/USD for March 17, 2023

This image is no longer relevant

Overview :

The expected trend for today: Bullish.

The EUR/USD pair rallied upwards strongly yesterday to breach the bearish channel's resistance and settles above it, opening the way to turn to the upside on the intraday and short-term basis, starting bullish correction for the raise measured from 1.0610 to 1.0707, noting that the first main station is located at 1.0638, which breaching it represents the key to achieve additional gains that reach 1.0638.

Therefore, the bullish bias will be suggested for today, supported by the EMA100 that carries the price from above, taking into consideration that breaking 1.0638 will stop the expected rise and push the price back to the main bearish track again.

A medium term topped could be in place already, on bullish convergence condition in daily RSI. Intraday bias is now on the upside for 50% retracement of 1.0638 to 1.0667 at 1.0707.

The EUR/USD pair traded higher and closed the day in the positive territory around 1.0638 - 1.0640.

On the hourly chart, EUR/USD is still trading above the moving average line MA (100) H1 (1.0638). Accordingly, the bullish outlook remains the same as long as the EMA 100 is pointing to the uptrend.

This suggests that the pair will probably go above the daily pivot point (1.0638) in the coming hours.

The EUR/USD pair will demonstrate strength following a breakout of the high at 1.0638. The situation is similar on the one-hour chart.

Based on the foregoing, it is probably worth sticking to the north direction in trading, and as long as the EUR/USD pair remains above MA100 H1, it may be necessary to look for entry points to buy for the formation of a correction.

Probably, the main scenario is continued growth towards 1.0707. The expected trading range for today is between 1.0638 support and 1.0707 resistance.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Trading Signals for EUR/USD for March 27-29, 2025: buy above 1.0790 (21 SMA - 8/8 Murray)

If the euro continues its rebound and consolidates above 1.0790 in the coming hours, we could expect EUR/USD to continue rising. So, the instrument could reach +2/8 Murray at 1.0986

Dimitrios Zappas 13:55 2025-03-27 UTC+2

Trading Signals for GOLD (XAU/USD) for March 27-29, 2025: sell below $3,057 (double top - 7/8 Murray)

If gold fails to break above 3,057, it will be seen as a signal to sell with a target at 3,023. Moreover, we could expect it to reach

Dimitrios Zappas 13:54 2025-03-27 UTC+2

Forex forecast 27/03/2025: EUR/USD, USD/JPY, USDX and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 11:24 2025-03-27 UTC+2

EUR/USD – March 27th: The Dollar Gradually Strengthens

On Wednesday, the EUR/USD pair continued to decline, stopping only near the 161.8% Fibonacci retracement level at 1.0734. A rebound from this level allowed the pair to recover

Samir Klishi 10:37 2025-03-27 UTC+2

GBP/USD – March 27th: Inflation Undermines the Pound

On the hourly chart, the GBP/USD pair continued its decline on Wednesday, nearly reaching the 1.2865 level—missing it by just a few points. There was also no rebound from

Samir Klishi 10:19 2025-03-27 UTC+2

AUD/USD. The Start of Tariffs on April 2 May Put Pressure on the Pair

The Australian dollar remains in a consolidation phase, hovering within a narrow range of 0.6265–0.6325. Trump's upcoming implementation of tariffs against China and a number of goods from Australia

Pati Gani 09:08 2025-03-27 UTC+2

#NDX – Technical Analysis Overview

A stall at the monthly short-term trend level (19730) prompted an effort by bulls to reclaim their positions. As a result, a bullish gap formed at the start

Evangelos Poulakis 04:45 2025-03-27 UTC+2

Trading Signals for EUR/USD for March 26-28, 2025: sell below 1.0808 (21 SMA - 8/8 Murray)

According to the H4 chart, the euro appears oversold, and we believe that if EUR/USD finds strong support around the 8/8 Murray level at 1.0742 or 1.0690, it will

Dimitrios Zappas 15:13 2025-03-26 UTC+2

Trading Signals for GOLD (XAU/USD) for March 26-28, 2025: sell below $3,034 (21 SMA - 7/8 Murray)

Gold could continue its bearish cycle in the coming days. To confirm the downtrend, we should expect consolidation below 3,020, then the price could reach the 6/8 Murray at 2,968

Dimitrios Zappas 15:11 2025-03-26 UTC+2

Forex forecast 26/03/2025: EUR/USD, GBP/USD, Gold and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 10:35 2025-03-26 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.