Technical analysis for EUR/USD for March 13, 2019

analytics5c88af8772876.png

EUR/USD has reached our bounce target area of 1.1280-1.13. The resistance is important here. If we see a rejection and a break below 1.1250, we should then expect 1.12 to be challenged. Yesterday 1.1250 was challenged but support was respected.

Blue line – RSI support

Orange rectangle – resistance area

Red line – major resistance trend line

Green line – trend line support

EUR/USD has entered my resistance area. Inside this area the chances for a bearish reversal are high. Breaking above it will open the way for a move towards 1.14 and the major red trend line resistance. Yesterday I mentioned the importance of the short-term support at 1.1250. It was tested and support was retained. That is why prices continued higher towards 1.13. Price has reached the 50% Fibonacci retracement of the last leg down and got rejected. Support remains at 1.1250 and we should also keep a close eye on the RSI blue trend line support. Breaking below it will be the early sign of a short-term trend reversal back to bearish.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis for EUR/USD for March 13, 2019

Won't your trader friends like this?
InstaForex
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Related Posts

Leave a Reply

*