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Technical analysis for EUR/USD, the pair broke below the key level at 1.1165 and below the previous daily low at 1.1106. This breakout resumed the bearish trend on the weekly chart. The third target for this bearish trend is the 2.272 FIB extension at 1.0800. The fourth target is the 2.618 FIB extension at 1.0580.
The zone between 1.1100 – 1.1180 is strong resistance for the EUR/USD now.
We must keep in mind that any ‘positive’ development in the war between Russia and Ukraine, as unlikely as it is sounds, will send the EUR/USD soaring. Also, next week on the 10th of March 2022, we have the ECB interest rate decision and press conference. Will the ECB try to stop the slide in the EUR in order to prevent even higher inflation for the Euro Area?
Weekly chart:
Monthly chart:
