FX.co ★ Technical analysis of EUR/USD for March 07, 2016

Ovreview:

• The EUR/USD pair faces resistance at 1.0958, while strong resistance is seen at 1.1090. Support is found at 1.0872 and 1.0740 levels . Today, the EUR/USD pair continues to move downwards from 1.0996 level. The pair fell from 1.0996 level to the bottom around 1.0943. In consequence, the EUR/USD pair broke support at 1.0958 which turned into resistance.The 1.0958 level is expected to act as minor resistance. Hence, we expect the EUR/USD pair to continue moving in the bearish trend from 1.0958 level towards the target at 1.0872.
• In the long term, if the pair succeeds in passing through 1.0872 level , the market will indicate the bearish opportunity below 1.0872 level in order to reach the second target at 1.0740 in the H1 time frame. However, the 1.0740 mark remains a significant support zone. Thus, the trend will probably rebound again from 1.0740 level as long as this level is not breached.

Weekly technical levels:

• R3: 1.1308
• R2: 1.1176
• R1: 1.1090
• PP: 1.0958
• S1: 1.0872
• S2: 1.0740
• S3: 1.0654