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10.03.202109:31 Forex Analysis & Reviews: Technical Analysis of EUR/USD for March 10, 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.

Technical Market Outlook:

The EUR/USD pair has bounced towards the level of 1.1914 which is the intraday technical resistance, but the bounce was capped immediately be bears. The market reversed back under the 1,1900 level and is trading around the level of 1.1880. The key short term technical support is located at the level of 1.1813, so please keep an eye on this level because any violation will lead to another wave down towards 1.1799 - 1.1789 zone. The weak and negative momentum supports the short-term bearish outlook.

Weekly Pivot Points:

WR3 - 1.2243

WR2 - 1.2176

WR1 - 1.2024

Weekly Pivot - 1.1958

WS1 - 1.1798

WS2 - 1.1738

WS3 - 1.1580

Trading Recommendations:

The long term trend on EUR/USD pair remains up on monthly time frame char, however the weekly time frame chart show the counter-trend corrective cycle is in progress. This corrective cycle has not been completed yet, because the key level for bulls is located at 1.1608. As long as the market trades above this level the up trend is valid and all of the down waves should be used to open long positions.

Exchange Rates 10.03.2021 analysis

Sebastian Seliga
Analytical expert of InstaForex
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