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16.03.202015:16 Forex Analysis & Reviews: Technical analysis of EUR/USD for March 16, 2020

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Overview:

The EUR/USD pair movement was debatable as it took place in a narrow sideways channel for a while. The market showed signs of instability.

Amid the previous events, the price is still moving between the levels of 1.1249 and 1.0927.

The daily resistance and support are seen at the levels of 1.1065 and 1.0927 respectively. In consequence, it is recommended to be cautious while placing orders in this area. Thus, we should wait until the sideways channel has completed.

On the H1 chart, the price spot of 1.1249 remains a significant resistance zone. Therefore, there is a possibility that the EUR/USD pair will move to the downside and the fall structure does not look corrective.

Pivot point sets at the 1.1249 level.

Resistance is seen at the level of 1.1249 today. So, sell below 1.1249 with the first target at 1.1065 to test yesterday's bottom.

In overall, we still prefer the bearish scenario as long as the price is below the level of 1.1065. Furthermore, if the EUR/USD pair is able to break out the bottom at 1.1065, the market will decline further to 1.0927.

However, it would also be sage to consider where to place a stop loss; this should be set above the second resistance of 1.1343.

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