EUR/USD Price Analysis: Scope for extra weakness near term

Market news

9 March 2023

EUR/USD Price Analysis: Scope for extra weakness near term

EUR/USD manages to regain some poise and revisits 1.0580.
Further losses could see the YTD low near 1.0480 retested.

EUR/USD regains some buying interest and advances to the 1.0580/85 band following two daily drops in a row.

The continuation of the downtrend seems favoured for the time being. Against that, the pair could dispute the 2023 low at 1.0481 (January 6) once the March low at 1.0524 (March 8) is cleared. Further losses are expected to retest the minor support at 1.0443 (weekly low December 7 2022).

Looking at the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0324.

EUR/USD daily chart

Currencies. Daily history for Thursday, March 9, 2023

Commodities. Daily history for Wednesday, March 8, 2023

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer

Open Demo Account & Personal Page

Personal area

support@teletradepartners.com

Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.