Showing posts with label Technical analysis for EURUSD for March 26. Show all posts
Showing posts with label Technical analysis for EURUSD for March 26. Show all posts

Technical analysis for EURUSD for March 26, 2019

EURUSD has made a small bounce yesterday from 1.1285 to 1.1331. Price is consolidating above the 61.8% Fibonacci retracement support level. Short-term trend remains bearish after the reversal from 1.14.

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Red line - major resistance trend line

Green line - support trend line

Blue rectangle - horizontal resistance area

EURUSD is so far respecting the 61.8% Fibonacci retracement level. This area is important support and a strong bounce from this area is very possible.EURUSD has short-term resistance at 1.1370 and next at 1.14. Breaking above this area will open the way for a move towards 1.15-1.16. Bulls need to hold this support area and start pushing higher to recapture 1.14. On the other hand, bears want to see price bounce and get rejected at 1.1370-1.14. The most probable scenario for me is to see price recapture 1.14 and move towards 1.15-1.16.

The material has been provided by InstaForex Company - www.instaforex.com