Intraday technical levels and trading suggestions for EUR/USD for March 9, 2018 888011000 110888 Month-to-month Outlook In January 2015, the EUR/USD pair moved below the significant need levels near 1.2100-1.2200(numerous previous bottoms set in July 2012 and June 2010). Hence, a long-term bearish target was predicted towards 0.9450. In March 2015, EUR/USD bears challenged the monthly demand level around 1.0500, which had actually been previously reached in August 1997. In thelonger term, the level of 0.9450 stays a forecasted target if any monthly candlestick attains bearish closure listed below the portrayed month-to-month demand level of 1.0500. The EUR/USD pair has actually beentrapped within the depicted debt consolidation range(1.0500-1.1450) until the existing bullish breakout was executed above 1.1450 and recently above 1.2075. Another bullish breakout above 1.2075 was expressed on the chart. This prevents the bearish momentum allowing an advance to take place to 1.2750 supplied that the bullish breakout above the price level of 1.2075 stays protected by the bulls. Daily Outlook In September, bearish target for the portrayed Head and Shoulders pattern was forecasted to 1.1350. The market failed to use substantial bearish pressure against the mentioned zone(1.1415-1.1520). Instead, in November, the evident bullish healing appeared around the cost zone of 1.1520-1.1415. This hindered further bearish decline which allowed the existing bullish momentum to take placetowards the price level of 1.2100 which failed to stop briefly the continuous bullish momentum as well.The EUR/USD set remains trapped between the price levels of1.2500 and 1.2200 up until breakout occurs in either directions.Daily perseverance above 1.2470-1.2500 was had to confirm a current bullish flag extension pattern with projected targets around the price level of 1.2750. Significant indications of bearish turnaround were manifested around the cost levels of 1.2400. This appears in the bearish engulfing daily candlestick of Wednesday.On the other hand, the depicted double-top turnaround pattern requires bearish breakdown of the level of 1.2200 (the illustrated uptrend line) to be accomplished daily. Projection target would lie around 1.2070-1.1990.The product has actually been supplied by InstaForex Business – www.instaforex.com

By | March 9, 2018

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