Pushed lower by Powell's hawkish comments on Tuesday, the euro/dollar pair experienced a significant decline, but then found support near the February low and began to rebound moderately. If the price continues to recover, the initial resistance will be around 1.0690. Further strength will shift market focus to the psychological level of 1.0800.
Conversely, if the bears return and upward pressure subsides, the initial technical bottom will be near 1.0530. If this area is breached, the pair may drop further towards the area of 1.0485-1.0460, which is a convergence of the January low, the medium-term uptrend line, and the 38.2% Fibonacci retracement level of the rebound from September 2022 to February 2023.
Conversely, if the bears return and upward pressure subsides, the initial technical bottom will be near 1.0530. If this area is breached, the pair may drop further towards the area of 1.0485-1.0460, which is a convergence of the January low, the medium-term uptrend line, and the 38.2% Fibonacci retracement level of the rebound from September 2022 to February 2023.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.