16.03.202113:44 Forex Analysis & Reviews: Technical Analysis of EUR/USD for March 16, 2021

Overview :

The EUR/USD pair : The breakdown of 1.1950 will allow the pair to go further up to the levels of 1.1990 and 1.2021. Amid the previous events, the price is still moving between the levels of 1.1913 and 1.1990. Also, the daily resistance and support are seen at the levels of 1.1913 and 1.1967 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 bottom at 1.1913 and continued to rise towards the top of 1.1926 (close price). Today, in the one-hour chart, the current rise will remain within a framework of correction. However, if the pair fails to pass through the level of 1.1895, the market will indicate a bullish opportunity below the strong support level of 1.1895 (the level of 1.1895 coincides with the ratio of 38.2). Since there is nothing new in this market, it is not bearish. Buy deals are recommended above the level of 1.1895 with the first target at 1.1967. From this point, the pair is likely to begin an ascending movement to the point of 1.1967 and further to the level of 1.1990. The level of 1.1990 will act as strong resistance and the double top is already set at the point of 1.1990. 2nd outtlook : bearish market If the trend breaks the support level of 1.1895, the pair is likely to move downwards continuing the development of a bearish trend to the level 1.1863 in order to test the daily support 2.