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

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

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.

Alexandros Yfantis
Analytical expert of InstaForex
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