Monthly EURUSD analysis

March has started strongly for EURUSD with bulls managing to recapture key short-term resistance levels and stopping the sequence of lower lows and lower highs. With February having a bullish reversal hammer candlestick pattern we are optimistic for EURUSD as long as price is above 1.1030.

analytics5e64bf1ebdf1f.jpg

Green line - long-term resistance trend line

EURUSD made a new low in February but the month ended near its highs. March is very strong as price has broken the latest high and combined with the fact that price is exiting a downward sloping wedge pattern we are optimistic for the rest of the month. The resistance trend line is at 1.1880. I believe over the next couple of months the chances of touching this trend line are high. Key support and trend change level is the monthly lows and previous resistance at 1.1030-1.10. As long as we trade above this level bulls are in control of the trend.

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