Intraday technical levels and trading suggestions for EUR/USD for March 12, 2018 888011000 110888 Month-to-month Outlook In January 2015, the EUR/USD set moved below the major need levels near 1.2100-1.2200(several previous bottoms set in July 2012 and June 2010). A long-term bearish target was forecasted towards 0.9450. In March 2015, EUR/USD bears challenged the month-to-month need level around 1.0500, which had been previously reached in August 1997. In thelonger term, the level of 0.9450 remains a predicted target if any month-to-month candlestick accomplishes bearish closure listed below the portrayed month-to-month need level of 1.0500. The EUR/USD set has beencaught within the depicted combination variety(1.0500-1.1450) till the current bullish breakout was performed above 1.1450 and just recently above 1.2075. Another bullish breakout above 1.2075 was expressed on the chart. This hinders the bearish momentum enabling bullish advancement to take place towards 1.2750 offered that the bullish breakout above the cost level of 1.2075 stays protected by the bulls. Daily Outlook In September, bearish target for the illustrated Head and Shoulders pattern was forecasted to 1.1350.However, the market cannot use significant bearish pressure against the pointed out zone (1.1415-1.1520). Instead, In November, apparent bullish healing was manifested around the price zone of 1.1520-1.1415. This hindered further bearish decrease which enabled the current bullish momentum to take placetowards the cost level of 1.2100 which cannot stop briefly the ongoing bullish momentum as well.The EUR/USD pair remains trapped in between the cost levels of1.2500 and 1.2200 till breakout happens in either directions.Daily perseverance above 1.2470-1.2500 was needed to confirm a current bullish flag extension pattern with predicted targets around the price level of 1.2750. However, significant indications of bearish turnaround appeared around the rate levels of 1.2400 (behind of the depicted broken uptrend). This was manifested in the bearish engulfing day-to-day candlestick of Wednesday.On the other hand, the portrayed double-top turnaround pattern needs bearish breakdown of the level of 1.2200 (the depicted uptrend line) to be accomplished daily. Forecast target would lie around 1.2070-1.1990.The product has been supplied by InstaForex Business – www.instaforex.com

By | March 12, 2018

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