EUR/USD Forecast – March 16th, 2021
The new wave of economic lockdowns and restrictions on several businesses due to rising COVID-19 cases is likely to continue in the Eurozone. This continuous restriction will have a significant impact on the EUR/USD Pair.
Currently, the EUR/USD pair is trending in a downtrend. The downtrend is likely to continue due to various factors. For the last three months, EUR/USD is continuously going down.
So far EUR/USD is down by 1.12% this month. Today EUR/USD is consolidating at a $1.19375 price level which is also major support. If EUR/USD breaks this support, then we can see an additional 2% fall in EUR/USD value.
The EUR/USD pair may get upside support in the European session, but this support will be very limited. so, if you are looking for a buying opportunity then you must place your buy orders in the European session only. Also, make sure to exit from your position before US trading hours.
In the US trading session, EUR/USD may create a new low and reach to 1.1885 price level. In the daily chart, the pair is below a now flat 20 SMA. Technical indicators are showing bearish pressure in EUR/USD pair.
The EUR/USD pair may trade in sideways consolidative price action throughout the Asian trading session. One must avoid trading in this session in order to protect their capital. Bullish investors are not speculating any good upside movement in the EUR/USD pair due to the shortage of vaccines and other drugs related to the cure of COVID-19 in the European Union.
European Union is still pressuring The United States for the export of unused stockpiles of the drug and a vaccine for the treatment of COVID-19.
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