EUR/USD Technical Analysis March 21, 2025
Current Price Levels and Technical Indicators:
As of 5:00 AM GMT on March 21, 2025, the EUR/USD currency pair is trading around 1.0830, marking a decline for the third consecutive session. This downward movement has led to a breach below the ascending channel pattern, indicating increased selling pressure and a potential trend reversal. The pair has also fallen below the nine-day Exponential Moving Average (EMA), suggesting weakening short-term momentum. However, the 14-day Relative Strength Index (RSI) remains above the 50 mark, implying that the bullish outlook is still intact.
Support and Resistance Levels:
Pivot point analysis provides the following support and resistance levels for EUR/USD:
Resistance Levels:
- R1: 1.0908
- R2: 1.0964
- R3: 1.1010
Support Levels:
- S1: 1.0806
- S2: 1.0760
- S3: 1.0704
The pivot point is calculated at 1.0862.
Fundamental Factors:
The U.S. dollar has strengthened against major currencies following the Federal Reserve’s indication that it will not rush to cut interest rates. This stance has contributed to the dollar’s rise, with the dollar index increasing. In response, the euro has slipped to the 1.0830 level.
Additionally, significant FX option expiries are set for March 21 at the 10:00 AM Eastern Time (14:00 GMT) New York cut, which could influence EUR/USD price action:
- 1.0700: €794 million
- 1.0785: €913 million
- 1.0800: €1.5 billion
- 1.0850: €1.1 billion
- 1.0900: €1.8 billion
Conclusion:
The EUR/USD pair is experiencing increased selling pressure, having breached key technical levels, including the ascending channel pattern and the nine-day EMA. While the RSI remains above 50, suggesting a lingering bullish outlook, the recent strengthening of the U.S. dollar and upcoming FX option expiries may continue to exert downward pressure on the pair. Traders should monitor the support and resistance levels closely, as well as any further developments from the Federal Reserve and other economic indicators, to assess the pair’s direction in the short term.
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