11.03.201508:49 Forex Analysis & Reviews: Technical analysis of EUR/USD for March 11, 2015

Long-term review

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 outlook and chart setups:

An hourly chart setup has been depicted here for EUR/USD, to determine short-term resistance and support levels and find a potential entry. The pair seems to have possibly made bottoms around 1.0660/70 levels as seen here. A break above 1.0720 levels would confirm that a short-term low is in place at 1.0660 and the pair is headed higher towards at least 1.0860 levels (towards intermediary resistance line). It is recommended to initiate long positions on dips after 1.0720 levels break with risk at 1.0600. On the flip side, a drop below 1.0660 levels could be sold with risk at 1.0720. Immediate support is seen at 1.0650 (interim), while resistance is seen at 1.0720 levels respectively.

Trading recommendations:

Flat for now. Sell below 1.0660, stop at 1.0720 or buy on dips after 1.0720 breaks.

Good luck!

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.