Technical analysis Forex of EUR/USD for 07.03.2019

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EURUSD: markets awaiting Mario Draghi’s press conference

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On Thursday the 7th of March, trading on the euro closed 1 pip down. The day’s candlestick had a range of 39 pips. The drop to 1.1285 was brought about by rumours that the ECB is set to downgrade the Eurozone’s economic growth and inflation forecasts at today’s meeting and to start issuing new loans.

EUR/USD technical analysis for 07.03.2019

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The EUR/USD pair has made another local low at the level of 1.1285 and even tried to test the technical resistance zone located between the levels of 1.1316 - 1.1324 from below, but failed and now is moving in a horizontal consolidation between the levels of 1.1285 - 1.1316. The long upper wick indicates the bearish pressure is still present and lower price levels should be expected soon. The next target is seen at the level of 1.1275 and 1.1258.

Technical analysis Forex of EUR/USD for 06.03.2019

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EURUSD: euro under pressure ahead of the ECB meeting

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On Tuesday the 5th of March, trading on the euro closed down. The rebound from 1.1316 didn’t come to pass. The bulls defended 1.1320 for 6 hours before giving way. The pair then dropped to 1.1290. The euro slid against the dollar on the back of positive US data (ISM non-manufacturing index and new home sales).

EUR/USD technical analysis for 06.03.2019

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The EUR/USD pair is moving lower as it passed the 61% Fibonacci retracement at the level of 1.1305 and now the local low was made at the level of 1.1289. The market conditions are now oversold, but the momentum is still weak and negative and there is no price or candlestick formation indicating a downtrend reversal yet. In this situation, the next target for bears is seen at the level of 1.1275 or even lower at the level of 1.1258.

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