empty
 
 
12.03.2021 03:33 PM
EUR/USD Price Analysis for 12 March, 2021
  • EUR/USD comes down and tests the 1.19 area on Friday.
  • A drops and test of recent lows near 1.830 is not ruled out.

This image is no longer relevant

The bull run in EUR/USD met a tough barrier in the vicinity of the psychological 1.20 hurdle in the second half of the week.

EUR/USD is trading closer to 1.19, falling as US yields rise amid elevated expectations for the US economy. Investors are unconvinced by the ECB's message and worried about Europe's slow vaccination campaign.

Fresh weakness raises fears that near-term correction off 1.1835 (March 9 low) might be over, with today's close below Fibonacci 38.2% to add to negative near-term signals and shift focus lower.Support awaits at 1.1925, which capped the pair early in the week. It is then followed by 1.1895, a temporary cushion and finally by 1.1836, the 2021 trough.

On the flip side, only firm break above 1.20 zone would neutralize downside risk and open way for stronger correction. Resistance awaits at 1.1990, the weekly high and also a support line seen early in March. It is followed by 1.2025 and 1.2050.

Jan Novotny,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback