FX.co ★ EUR/USD analysis for March 24 2021 - Sellers in control as we expected and potential for the downside movement towards 1.760

UK March preliminary services PMI 56.8 vs 51.0 expectedPrior 49.5Manufacturing PMI 57.9 vs 55.0 expectedPrior 55.1Composite PMI 56.6 vs 51.4 expectedPrior 49.6That is a solid beat and adds to the optimism surrounding the rebound in the UK economy once restrictions are eased later on in the year.

Further Development

Analyzing the current trading chart of EUR/USD , I found that sellers are in control as I expected and the EUR is going towards the downside target at $1.1763.

My advice is to watch for selling opportunities on the rallies with the downside targets at $1.763 and $1.620.

Additionally, there is the bear cross on the Stochastic oscillator, which is another sign of weakness.