For Traders

Analytical Reviews

Technical analysis

08.03.202114:36 Forex Analysis & Reviews: EUR/USD analysis for March 08 2021 -Sellers in control and potential for test of our next target at 1.1800

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.

Eurozone March Sentix investor confidence 5.0 vs 1.4 expected

Prior -0.2

Euro area investor morale jumps to its highest level in over a year as sentiment improves amid vaccine optimism and a hopefully better economic outlook later in the year.

The headline reading is the highest since February last year. Sentix notes that:

"Global vaccination campaigns are making good progress, raising hopes of effective protection. Those trends allow for a faster reopening of the economy. That is what investors are betting on."

Adding that investors are also anticipating rising inflation pressures, which will be driven by expansive monetary and fiscal policy as well as pent-up demand.

Further Development

Analyzing the current trading chart of EUR/USD, I found that tthe EUR is heading towards our second downside target at 1,1800.

My advice is still to watch for selling opportunities on the rallies with the downside targets at the price of 1,1800 (consolidation mean) and 1,1620 (Daily lows).

Key Levels:

Resistance: 1,1957

Support levels:1,1800 and 1,1620

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.