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07.03.201909:11 Forex Analysis & Reviews: Technical analysis for EUR/USD for March 7, 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 remains in a bearish trend above short-term support of 1.13. A daily close below 1.13 will open the way for a move towards 1.12. We remain bearish as long as price is below 1.1430.

Exchange Rates 07.03.2019 analysis

Red line major trend line resistance

Green line - support trend line

EUR/USD remains in a bearish trend as long as price is below the red trend line resistance. The recent rejection at the resistance around 1.14-1.1430 opens the way for a decline towards the green support trend line around 1.12 or lower. Short-term support is at 1.1280 and resistance at 1.1330. Breaking above 1.1330 could push price towards 1.1360 or even better towards 1.14. However this is the least likely scenario. A break below 1.1280 would push price towards 1.1230-1.12.

Alexandros Yfantis
Analytical expert of InstaForex
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