empty
 
 
17.03.2023 06:08 PM
Forecast for EUR/USD on March 17, 2023

On Thursday, the EUR/USD pair maintained its upward trend and managed to move above the corrective level of 161.8% (1.0609). The hourly and 4-hour charts show that the pair has been in a limited price range for a considerable amount of time. Although the movements are now so unpredictable that a new collapse in the direction of Wednesday's low is possible today, the growth process can now be resumed in the direction of the next level of 1.0750.

This image is no longer relevant

The results of the upcoming meeting of the European Regulator were made public yesterday. Although traders' expectations were lower a few days prior as a result of major financial issues at Credit Suisse, all three interest rates were lifted by 0.50% as planned. The European Union's banking sector is currently considerably more stable than it was in 2008, according to Christine Lagarde, who also noted that the problems with one bank had no bearing on the regulator's primary objective of bringing inflation down to 2%. Lagarde added that the ECB will now consider incoming macroeconomic data when deciding whether to tighten the PEPP in the future. In other words, we should only anticipate a 0.25 percent increase in May, which would reduce the pace and maybe harm the position of the euro. Overall, the euro hasn't performed too well or poorly over the past two weeks. The announcement of the failure of three US banks caused the euro to rise sharply, but after a few days, it fell after learning about Credit Suisse. Because the regulator had been preparing the markets for such a turn of events, it is obvious that traders had been counting on the ECB president to make more assertive statements and that a rate increase of 0.50% had long been planned. An inflation report was previously provided by the European Union today, but traders weren't impressed. The euro is essentially stationary and unsure of how to respond to a 0.1% slowdown with an ongoing rise in interest rates.

This image is no longer relevant

The pair has stabilized under the upward trend corridor on the 4-hour chart, allowing us to continue to anticipate additional declines. The new downward trend corridor, which verges on the idea of "sideways," is confirmed by the traders' "bearish" attitude. In recent times, the horizontal movement has been noticeable rather frequently.

Report on Commitments of Traders (COT):

This image is no longer relevant

Speculators concluded 1,322 short contracts and 160 long contracts during the most recent reporting week. The positive sentiment among large traders is still present and getting stronger. I want to call your attention to the fact that the most recent report we have is from February 21. The "bullish" sentiment may have grown stronger in February, but how are things now? Speculators now have 236 thousand long contracts, while just 71 thousand short contracts are concentrated in their hands. While the value of the euro has been declining for some weeks, we are currently without new COT data. The likelihood of the euro's growth has been steadily increasing over the past few months, much like the euro itself, but the information background hasn't always backed it up. After a protracted "dark time," the situation is still in the euro's favor, and its prospects are strong. Until the ECB gradually raises the interest rate by increments of 0.50%, at least.

News calendar for the USA and the European Union:

EU – inflation (10:00 UTC).

US – industrial production (13:15 UTC).

US – consumer sentiment index from the University of Michigan (14:00 UTC).

The European Union and the United States both have significant events scheduled for March 17, but the most significant one (the EU's inflation rate) did not stir up any strong feelings among traders. The background information's impact on traders' attitudes for the remainder of the day will be minimal.

Forecast for EUR/USD and trading advice:

On the hourly chart, new sales of the pair with targets of 1.0526 and 1.0483 can be initiated when the price closes below the level of 1.0609. On the hourly chart, purchases of the euro were likely if it closed above the level of 1.0609 with a target of 1.0750.

Samir Klishi,
Analytical expert of InstaForex
© 2007-2023
EURUSD
Euro vs US Dollar
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Start trade
Start 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 $8000 more!
    In March we raffle $8000 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

March 20, 2023 : EUR/USD daily technical review and trading opportunities.

The market has remained under buying pressure until a plateau level occurred around 1.0800-1.0850. This was followed by a significant SELLING price action leading to the recent price decline

Mohamed Samy 18:51 2023-03-20 UTC+2

March 20, 2023 : EUR/USD Intraday technical analysis and trading plan.

Price action around the key-level of (1.0550-1.0600) was quite bullish. That's why, further bullish continuation towards 1.0800 was demonstrated. Moreover, more bullish advancement towards the nearest supply zone around 1.1150-1.1200

Mohamed Samy 18:50 2023-03-20 UTC+2

March 20, 2023 : GBP/USD Intraday technical analysis and significant key-levels.

The GBPUSD bulls failed to record a new high above 1.2200. Instead, a descending high was established around the same price level. On the other hand, the current bearish pullback

Mohamed Samy 18:49 2023-03-20 UTC+2

Increased chances for upward reversal in USDJPY.

USDJPY is trading around 131.60. Short-term trend remains bearish. Price continues making lower lows and lower highs. Price is still inside the downward sloping red channel. As long as this

Alexandros Yfantis 17:01 2023-03-20 UTC+2

NZDUSD rejection at neckline resistance

In a previous analysis we noted the inverted head and shoulders pattern in NZDUSD. Price tried to break above the neckline resistance and activate the inverted head and shoulders pattern

Alexandros Yfantis 16:56 2023-03-20 UTC+2

Technical analysis on Gold for March 20th, 2023.

Gold price is trading around $1,969. After briefly reaching as high as $2,009 Gold price has started to turn around. Price continues making higher highs and higher lows. Price remains

Alexandros Yfantis 16:36 2023-03-20 UTC+2

EURUSD inside expanding triangle pattern

EURUSD is trading around 1.0720. Despite making a new lower low at 1.0517 last week, price has bounced and is now challenging recent highs. Price has formed an expanding triangle

Alexandros Yfantis 16:32 2023-03-20 UTC+2

Trading Signal for USD/JPY for March 20 - 21, 2023: buy above 131.11 (4/8 Murray - descending wedge )

Early in the American session, the Japanese Yen is trading at 131.11 below the 4/8 Murray and below the 21 SMA (131.79). In the European session, the instrument reached

Dimitrios Zappas 16:32 2023-03-20 UTC+2

Technical analysis of GBP/USD for March 20, 2023

The GBP/USD pair traded higher and closed the day in the positive territory near the price of 1.2208. Right now, it was trading in a narrow range of 1.2150 staying

Mourad El Keddani 13:04 2023-03-20 UTC+2

Forex forecast 03/20/2023 EUR/USD, USD/JPY, GBP/USD, Gold and Bitcoin from Sebastian Seliga

Let's take a look at the technical picture of EUR/USD, USD/JPY, GBP/USD, Gold and Bitcoin

Sebastian Seliga 12:48 2023-03-20 UTC+2
Can't speak right now?
Ask your question in the chat.