EUR/USD analysis for March 12, 2019

EUR/USD has been trading upwards as we expected. EUR tested the level of 1.1284.

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Our yesterday's analysis is still valid. EUR has been extending the gains since our previous analysis. According to the daily time frame, we found that Keltner lower band (support) at 1.1177 was held successfully and that sellers didn't have power for the follow-up, which is a strong sign that sellers became oversold so the buyers reacted. Stochastic is creating the bullish divergence which may set the tone for the future. The key resistance level at the price of 1.1234 got broken, and we expect the further upward movement. The key resistance level is set at the price of 1.1315.

Trading recommendation: We are still long EUR from 1.1248 and with the target at 1.1315. Protective stop is placed at 1.1175.

The material has been provided by InstaForex Company - www.instaforex.com