empty
 
 
05.03.2021 05:51 PM
March 5, 2021 : EUR/USD Intraday technical analysis and trade recommendations.

This image is no longer relevant

In the period between January 15 - January 20, Bearish closure and persistence below 1.2160 was achieved. This helped to abort the ongoing bullish momentum.

Quick bearish movement was allowed to pursue towards 1.2050 as well as 1.2000 which failed to apply sufficient bullish pressure.

Lack of bullish momentum has been clear since then. That's why, we were waiting for a bearish continuation Pattern.

However, a recent bullish spike has pursued above 1.2150 - 1.2175 (backside of the broken channel limit) where bearish rejection was previously anticipated.

Further bearish decline was expected to pursue towards 1.1960 and 1.1880 which is currently being approached.

Either a Short-term bullish movement would be expressed for a rapid re-test around 1.2000 (Fibonacci level) or further bearish continuation would pursue towards 1.1800 and 1.1760 in the short-term.

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