Technical analysis of EUR/USD for March 12, 2018

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Overview:

  • The EUR/USD pair is still moving between the levels of 1.2260 and 1.2373. Also, the daily resistance and support are seen at the levels of 1.2408 and 1.2442, 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. The market moved from its bottom at 1.2260 and continued to rise towards the top of 1.2352. 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 1.2404, the market will indicate a bearish opportunity below the strong resistance level of 1.2404. Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 1.2404 with the first target at 1.2295. If the trend breaks the support level of 1.2295, the pair is likely to move downwards continuing the development of a bearish trend to the level of 1.2260 in order to test the double bottom.
The material has been provided by InstaForex Company - www.instaforex.com