30.03.202005:28 Forex Analysis & Reviews: Forecast for EUR/USD on March 30, 2020

EUR/USD

Last Friday, the euro made a reinforced upward push and consolidated on important technical indicator lines, which became supports, showing the intention to extend the upward correction. The Fibonacci target level of 1.1170 has not yet been reached, success, that is, a price exit above it, opens up the prospect of growth before a correction of 76.4% at 1.1295. A decisive breakout of the growing trend will occur after the price overcomes the embedded line of the price channel in the Fibonacci level of 38.2% in the region of 1.0965.

A weak divergence has formed on the four-hour chart for the Marlin oscillator, but it is enough to reverse the price from current levels. Divergence can become double, for which the price will have time to work out the Fibonacci level of 61.8% or even overcome it with a subsequent turn down.

In general, we see that a wide range of uncertainty 1.0965-1.1170/90 has formed on the euro, it is not advisable to open positions inside it.

Summary: we recommend that you keep purchases that were previously opened with consolidation on approaches to 1.1295, S/L 1.1030. The conditions are not ripe for new positions in any direction.