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Early in the European session, the Euro (EUR/USD) is trading around 1.0830. The currency pair is located below 5/8 Murray and above the 200 EMA and 21 SMA. The technical chart shows that the instrument is showing signs of exhaustion.
Yesterday, the euro reached 1.0870, the level which coincides with 5/8 Murray located at 1.0864. EUR/USD is now retreating and could accelerate its bearish move if it consolidates below the daily pivot point at 1.0843.
From the high reached at 1.0928 towards the low of 1.0712, the euro has made a technical retracement that coincides with the 61.8% Fibonacci level. If the instrument consolidates below 1.0870 in the next few hours, we could expect a bearish continuation and the price could reach 1.0812 and even the 200 EMA located at 1.0715.
The 1.0812 level acts as a dynamic support. A close on the 4-hour chart could confirm the continuation of the bearish movement and the euro could drop as low as 1.0771 and even to 3/8 Murray at 1.0620.
In case the euro resumes its bullish cycle, we should expect it to trade above 1.0880. Then, it could climb to the high of March 23 located at 1.0928 and finally reach 6/8 Murray located at 1.0986.
On March 27, the Eagle indicator entered the extremely overbought zone, which is likely to cause a technical correction in the coming days.
Our trading plan for the next few hours is to sell below the 61.8% Fibonacci level. In case there is a pullback to 1.0870 or below 5/8 Murray, we could sell with targets at 1.0812, 1.0715, and 1.0620.
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