04.03.202112:11 Forex Analysis & Reviews: Technical Analysis of EUR/USD for March 04, 2021

Overview :

• Pair : EUR/USD.
• Chart : M30.

The trend of EUR/USD pair movement was controversial as it took place in a narrow sideways channel, the market showed signs of instability. Amid the previous events, the price is still moving between the levels of 1.1992 and 1.2117. Also, the daily resistance and support are seen at the levels of 1.2117 and 1.1992 respectively.

Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel has completed.

Yesterday, the market moved from its top at 1.2110 and continued to rise towards the bottom of 1.2030.

Today, in the M30 chart, the current rise will remain within a framework of correction.

However, if the pair fails to pass through the level of 1.1992, the market will indicate a bullish opportunity above the strong support level of 1.1992 (the level of 1.1992 coincides with the double bottom too, last bearish wave).

Since there is nothing new in this market, it is not bearish yet. Buy deals are recommended above the level of 1.1992 with the first target at 1.2110.

If the trend breaks the support level of 1.2110, the pair is likely to move downwards continuing the development of a bearish trend to the level 1.2188 in order to test the daily support 2 (horizontal red line).

Accordingly, the market is likely to show signs of a bullish trend. In other words, re-buy orders are recommended again with the third target at the level of 1.2243 so as to retest the top price at the same time frame.

From this point, the pair is likely to begin an ascending movement to the point of 1.2188 and further to the level of 1.2243. The level of 1.2243 will act as strong resistance and the double top is already set at the point of 1.2243.

On the other hand, if a breakout happens at the support level of 1.1950, then this scenario may become invalidated.