empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

03.03.202114:03 Forex Analysis & Reviews: Technical analysis of EUR/USD for March 3, 2021

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.

Exchange Rates 03.03.2021 analysis

Overview :

The EUR/USD pair broke resistance which turned to strong support at the level of 1.2051.

The level of 1.2051 is expected to act as major support today. From this point, we expect the EUR/USD pair to continue moving in a bullish trend from the support levels of 1.2051 and 1.1992.

Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Consequently, the first support is set at the level of 1.2051 (horizontal green line).

So, the market is likely to show signs of a bullish trend around the spot of 1.2051/1.1992. In other words, buy orders are recommended above the spot of 1.2051 or 1.1992 with the first target at the level of 1.2117; and continue towards 1.2188 (the weekly resistance 1).

This would suggest a bearish market because the moving average (100) is still in a positive area and does not show any trend-reversal signs at the moment.

Amid the previous events, the pair is still in an uptrend, because the EUR/USD pair is trading in a bullish trend from the new support line of 1.2051 towards the pivot point level at 1.2008 in order to test it.

The pair is expected to drop lower towards at least 1.2008 with a view to test the weekly pivot point. Also, it should be noted that the weekly pivot point will act as minor resistance today.

If the pair succeeds to pass through the level of 1.2008, the market will indicate a bullish opportunity below the level of 1.2008, with the targets of 1.2117; and continue towards 1.2188 - then 1.2243 (high price).

On the other hand, if the EUR/USD pair fails to break through the resistance level of 1.2117 this week, the market will decline further to 1.1942.

Mourad El Keddani
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off