empty
22.03.2024 01:19 PM
EUR/USD: trading scenarios on March 22, 2024

This image is no longer relevant

At the start of the month, EUR/USD tested the critical resistance level of 1.0980 (200 EMA on the weekly chart). Following this, the currency pair shifted into a decline. Consequently, as the final week of the month and quarter commenced, EUR/USD once more descended to the medium-term balance line and the key support level of 1.0820 (200 EMA on the daily chart). Above this level, the price is in the zone of the medium-term bullish market.

Its breakthrough will make short-term medium-term positions predominant, while EUR/USD remains in the long-term bearish market zone.

This image is no longer relevant

It is worth noting that the technical indicators RSI, OsMA, and Stochastic on the daily chart are already on the sellers' side, and on the weekly chart, they are turning towards short positions.

Therefore, considering also the increasingly strengthening dollar, in the main scenario, we expect a breakthrough of the levels 1.0820 and 1.0800 and further decline into the depths of the downward channel on the daily chart, towards its lower boundary and the level of 1.0600. The intermediate target in this case is the local support level of 1.0700.

This image is no longer relevant

In the alternative scenario, the first signal for the resumption of long positions may be the breakthrough of the resistance level of 1.0835 (144 EMA on the daily chart). If pressure on the euro persists, the peak of corrective growth can be expected no higher than the resistance levels of 1.0882 (200 EMA on the 1-hour chart) and 1.0900. In any case, short long-term positions remain preferable below the resistance levels of 1.0980 and 1.1000.

Support levels: 1.0820, 1.0800, 1.0700, 1.0660, 1.0600, 1.0530, 1.0500, 1.0450, 1.0400, 1.0300

Resistance levels: 1.0835, 1.0865, 1.0882, 1.0900, 1.0920, 1.0980, 1.1000, 1.1040, 1.1090, 1.1100, 1.1140, 1.1200, 1.1275, 1.1300, 1.1400, 1.1500

Trading scenarios:

Main scenario: Sell Stop 1.0790. Stop-Loss 1.0845. Targets 1.0700, 1.0660, 1.0600, 1.0530, 1.0500, 1.0450, 1.0400, 1.0300

Alternative scenario: Buy Stop 1.0845. Stop-Loss 1.0790. Targets 1.0865, 1.0882, 1.0900, 1.0920, 1.0980, 1.1000, 1.1040, 1.1090, 1.1100, 1.1140, 1.1200, 1.1275, 1.1300, 1.1400, 1.1500

"Targets" correspond to support/resistance levels. This also does not mean that they will necessarily be reached, but they can serve as a reference point when planning and placing your trading positions.

Jurij Tolin,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Jurij Tolin
Start trade
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

Recommended Stories

How to Trade the GBP/USD Pair on July 14? Simple Tips and Trade Analysis for Beginners

Analysis of Friday's Trades 1H Chart of GBP/USD The GBP/USD pair traded with a relatively substantial decline on Friday. Why did the British pound fall again while the euro remained

Paolo Greco 06:30 2025-07-14 UTC+2

How to Trade the EUR/USD Pair on July 14? Simple Tips and Trade Analysis for Beginners

Analysis of Friday's Trades 1H Chart of EUR/USD On Friday, the EUR/USD currency pair continued its mild downward movement, in line with the current trend. We've been saying the same

Paolo Greco 06:30 2025-07-14 UTC+2

Trading Recommendations and Trade Breakdown for GBP/USD on July 14. The British Pound Maintains a Bearish Bias

The GBP/USD currency pair continued its downward movement throughout Friday. We cannot say there were strong reasons for this, but in the morning, the UK released reports on GDP (monthly

Paolo Greco 04:33 2025-07-14 UTC+2

Trading Recommendations and Trade Breakdown for EUR/USD on July 14. The Dollar Is Tired

The EUR/USD currency pair showed virtually no decline throughout Friday. As we warned in the previous article, the 1.1666 level is a strong one, and it would be difficult

Paolo Greco 04:33 2025-07-14 UTC+2

How to Trade GBP/USD on July 11h? Simple Tips and Trade Analysis for Beginners

Thursday Trade Review: GBP/USD, 1H Chart On Thursday, the GBP/USD pair continued its downward movement, mirroring the EUR/USD pair. The behavior of these two major currency pairs was nearly identical

Paolo Greco 08:43 2025-07-11 UTC+2

How to Trade EUR/USD on July 11th? Simple Tips and Trade Review for Beginners

On Thursday, the EUR/USD currency pair continued its weak downward movement in line with the current trend. We've been saying the same thing all week because very little is changing

Paolo Greco 08:36 2025-07-11 UTC+2

GBP/USD Trading Recommendations and Trade Review for July 11th

On Thursday, the GBP/USD currency pair continued its moderate decline. Over the past two weeks, the British pound has depreciated by 220 points, with approximately 150 of those losses occurring

Paolo Greco 08:30 2025-07-11 UTC+2

EUR/USD Trading Recommendations and Trade Review for July 11th

EUR/USD 5M Analysis On Thursday, the EUR/USD currency pair continued its sluggish decline, completely ignoring the fundamental backdrop. As a reminder, this week Donald Trump announced new tariffs targeting both

Paolo Greco 08:19 2025-07-11 UTC+2

How to Trade the GBP/USD Currency Pair on July 10th: Simple Tips and Trade Analysis for Beginners

Wednesday Trade Analysis: GBP/USD – 1H Chart On Wednesday, the GBP/USD pair was also stuck in a flat movement, with very low volatility. There were virtually no price movements during

Paolo Greco 08:56 2025-07-10 UTC+2

How to Trade the EUR/USD Currency Pair on July 10th: Simple Tips and Trade Analysis for Beginners

Wednesday Trade Analysis: EUR/USD – 1H Chart On Wednesday, the EUR/USD pair continued to trade in line with the prevailing trend from the previous week. Market activity was minimal throughout

Paolo Greco 08:48 2025-07-10 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.