Euro-dollar cautiously positive: $1.10 remains key

EURUSD seems quite ambiguous over the longer term, which is essentially a ‘normal’ situation for a major forex pair. The lower high in early March probably suggests a sideways trend rather than an upcoming downtrend: the slow stochastic is close to neutral and the price hasn’t been able to break below the 100% monthly Fibonacci retracement area around $1.07.

$1.10 seems like a significant resistance which could resist testing in the runup to American final GDP on 28 March. However, a significant downward movement is also questionable. Before the clear support around $1.07 it’d be likely to see buying demand to push the price back up.

This is my personal opinion which does not reflect the opinion of Exness. This is not a recommendation to trade.