05.03.201908:56 Forex Analysis & Reviews: Technical analysis for EUR/USD for March 5, 2019

Long-term review

EUR/USD has moved lower towards the 61.8% Fibonacci retracement support of the recent rise from 1.1235 to 1.1420. The support at 1.1305 is important and holding above it keeps the hopes of bulls alive for another leg higher above 1.1420.

Exchange Rates 05.03.2019 analysis

Red line - major trend line resistance

Green line - support trend line

EUR/USD is trading around 1.1330 and it is vulnerable to a move lower towards 1.12 as long as price is below 1.1430 and the red trend line resistance. Short-term support is at 1.13 and next at 1.1275. Breaking below these two levels will open the way for a move lower towards 1.12. Resistance is found at 1.1380 and next at 1.1420. Bulls need to hold the 1.13 level otherwise the chances of moving towards 1.15 will decrease dramatically.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2021
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