14.03.201418:07 Forex Analysis & Reviews: Intraday technical levels and trading recommendations for EUR/USD for March 14, 2014

Long-term review

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Successive ascending bottoms were established on the daily chart. This means the uptrend line established on September 2013 is still intact.

As expected, the ongoing bullish impulse succeeded in hitting price level of 1.3900. This level corresponds to 100% Fibonacci Expansion.

Yesterday, the bulls topped at 1.3965 then bearish rejection was expressed resulting in a prominent Shooting-Star daily candlestick.

Daily closure above 1.3900 will enable the pair to reach its next destination at 1.3980 corresponding to 127% Fibonacci Expansion.

As expected, bullish momentum needed 4H closure above 1.3775 to remain strong for further bullish targets around 1.3980.

Price level of 1.3980 corresponds to the upper limit of the depicted bullish channel. Hence, it's expected to provide considerable SELLING pressure at retesting.

Technically, the price zone of 1.3775-1.3810 remains an important intraday demand zone for the pair. Price movement should be watched for a possible BUY entry.

4H breakdown below 1.3775 will probably invalidate the bullish scenario opening the way towards 1.3650 initially.

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