empty
 
 
18.03.2022 05:27 PM
EUR/USD Hot Forecast on 18 March

This image is no longer relevant

EUR/USD continues to push lower toward 1.1000 on Friday as the risk-averse market environment helps the greenback outperform its rivals. The latest headlines surrounding the Russia-Ukraine conflict suggests that there is little to no progress toward a peace agreement.

The Relative Strength Index (RSI) indicator on the four-hour charts holds comfortably above 50 despite edging slightly lower during the Asian trading hours.

1.1040 (100-period SMA, Fibonacci 50% retracement of the latest downtrend) forms critical support for the pair. In case sellers manage to drag the pair back below that level and hold it there, additional losses toward 1.1000 (psychological level, Fibonacci 38.2% retracement, 50-period SMA9 could be witnessed.

On the upside, if EUR/USD steadies above 1.1080 (Fibonacci 61.8% retracement), it could target 1.1140 (Thursday high, static level) before turning its attention to 1.1200 (psychological level, 200-period SMA).

Jan Novotny,
Analytical expert of InstaForex
© 2007-2024
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
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback