EUR/USD forecast for March 22, 2021
Looking at the chart on the weekly time frame, we see that the EUR/USD pair found support at 1.18000 at a very important level based on previous movements on the chart. In 2018, our resistance zone pushed the pair lower, while in 2020, we see that the EUR/USD pair consolidated some time in that zone and made a break outside that zone to 1.23000. Looking at the pair are now making a retest on that break-up, and as buyers, we now expect a rejection again looking at higher levels above 1.20000. Following the moving averages, we see that the MA50 was a good resistance to the previous bearish trend. And now we expect to be supported to continue the bullish trend.
On the daily time frame, we see that the EUR/USD pair is currently testing the MA200 and EMA200, two very important moving averages that can give a better signal in which direction the EUR/USD pair will be moving. We are also again testing the zone the couple was in during the second part of 2020. If it manages to bounce upwards, we can expect a further continuation of the bullish trend in the zone of 1.20000-1.25000. The bearish trend is somewhat limited, and if we see our target is the lower support line with the help of Fibonacci retracement 32.8% level at 1.17000.
On the four-hour time frame, we see that the EUR/USD pair moves in one channel where it is now bouncing off the bottom channel line, and we can expect a bullish trend again to the top channel line. By setting the Fibonacci retracement level, we see that the EUR/USD pair will soon climb to 23.6% level at 1.19300, where the EUR/USD pair should receive support for moving averages MA20, EMA20, and MA50. After that break we look towards MA200 and EMA200 at 1.20000-1.20500, zone 38.2% -50.0% Fibonacci levels.
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