FX.co ★ Technical analysis of EUR/USD for March 18, 2015

Overview:

• According to the previous events, the price of the EUR/USD pair is still moving between the levels of 1.0555 and 1.0646. Moreover, it should be noted that the market was so stable and the trend was also too clear (downward). The key level of 1.0646 is presented for downtrend to confirm a bearish market. This level will act as a strong resistance because it is coinciding with a minor resistance today. Additionally, the value of 23.6% Fibonacci retracement level is coinciding with the price of 1.0646. Therefore, sell deals are recommended below the level of 1.0646 with targets at the level of 1.0555 and continue towards the price of 1.0462 in order to form a double bottom at this level. On the other hand, if the trend is able to break the resistance at the price of 1.0646, then it will breakout at this price and the market will probably call for a bullish market. Hence, buy above the price of 1.0646 with the first target of 1.0693, it might resume to 1.0780 to test the weekly resistance 1.

Intraday technical levels:

Date:18/03/2015

Pair:EUR/USD

• R3: 1.0745
• R2: 1.0697
• R1: 1.0646
• PP: 1.0598 (the weekly pivot point sets at the price of 1.0621).
• S1: 1.0547
• S2: 1.0499
• S3: 1.0448