05.03.202112:03 Forex-elemzések és áttekintések: Technical Analysis of EUR/USD for March 05, 2021

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Overview :

The EUR/USD pair reached a new minimum at the price of 1.1952. So, today the price may reach one more minimum around the spot of 1.1952, which coincides with the ratio of 00% Fibonacci - bottom / last bearish wave.

Today, the EUR/USD pair is challenging the psychological resistance at 1.2021. So, the resistance is seen at the level of 1.2021 in the four-hour time frame.

We expect the EUR/USD pair to continues moving in a downtrend below the level of 1.2021 towards the first target at 1.1888, while major resistance is found at 1.2098 (50% Fibonacci).

On the downside, a clear break at the level of 1.2098 could trigger further bearish pressure testing 1.1844, which represents the major support today.

Forecast:

As a result, it is gainful to sell below this price of 1.2021 with targets at 1.2098 and 1.1844. However, the bullish trend is still expected for the upcoming days as long as the price is above 1.1844.

Review :

The EUR/USD pair continues to move in a downtrend from the level of 1.2098 since yesterday. Hence, major resistance is seen at 1.2098 , while immediate support is found at 1.1888.

Additionally, it should be noted that the resistance coincides with the ratio of 50% Fibonacci. Today, we guess that the pair will be traded lower in the early session and try to reach the first support at the level of 1.1888. The bias is neutral in the nearest term probably with a little bearish bias testing 1.1888area, which needs to be clearly broken to the down side to keep the bearish scenario.

A clear break below that area (1.1888) could lead the price to the downtrend zone in the nearest term testing 1.1844. Thence, we confirm the bearish scenario.

Right now, the pair will probably go down because a downward trend is still strong and the RSI is still signaling that the trend is downward.

Otherwise, the breakup of 1.2021 will allow the pair to go further up to the levels of 1.2098 and 1.2243. Besides, is should be noted that all positions must be closed before the closing bell in New York session.

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