For Traders

Analytical Reviews

Technical analysis

03.03.202116:30 Forex Analysis & Reviews: EUR/USD analysis for March 03 2021 - Potential for another downside movement towards 1.1960

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.

Canada January building permits +8.2% vs +2.5% expected

Prior was -4.1%

Record high $9.9B in permits issued
Residential permits +10.6% including +15.1% in single family homes
Non-residential +2.6%

Data releases yesterday showed an absolutely sizzling real estate market throughout the country. The builders are going to be building as fast as they can for the foreseeable future.

Further Development

Analyzing the current trading chart of EUR/USD, I found that there is completion of the upside correction and strong selling today.

My advice is to still watch for selling opportunities on the rallies using the intraday time-frames.

Downside targets are set at 1,1990 and 1,1955.

Key Levels:

Resistance: 1,2115

Support levels: 1,1990 and 1,1955

Back to the list

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.