Technical Analysis of EUR/USD for March 8, 2021

Technical Market Outlook:

The EUR/USD pair has made another lower low at the level of 1.1914 (at the time of writing this article) and continues to move down towards the next target located at the level of 1.1862. This level is a 100% Fibonacci extension of the wave A to the downside, so some kind of profit taking should be expected at this level. The 61% Fibonacci retracement level of the whole last wave up is seen at 1.1887, so there is an interesting Fibonacci cluster made of those two levels. The key short term technical support is located at the level of 1.1872, so please keep an eye on this level because any violation will lead to another wave down towards 1.1799.

Weekly Pivot Points:

WR3 - 1.2243

WR2 - 1.2176

WR1 - 1.2024

Weekly Pivot - 1.1958

WS1 - 1.1798

WS2 - 1.1738

WS3 - 1.1580

Trading Recommendations:

The long term trend on EUR/USD pair remains up on monthly time frame char, however the weekly time frame chart show the counter-trend corrective cycle is in progress. This corrective cycle has not been completed yet, because the key level for bulls is located at 1.1608. As long as the market trades above this level the up trend is valid and all of the down waves should be used to open long positions.

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

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