Technical analysis Forex of EUR/USD for 13.03.2019

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EURUSD: bulls met with resistance around the 112th degree

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In 3 days, the bulls have recovered the losses incurred after the ECB meeting on the 7th of March. On Tuesday the 12th of March, the euro rose to 1.1305 against the dollar on the back of a rally on the EURGBP pair as well as a broadly weaker dollar following the release of US inflation data, which fell short of expectations.

Technical Analysis of EUR/USD for 13.03.2019

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The EUR/USD pair has made another leg up and made local high at the level of 1.1304 which is just below the technical resistance zone located between the levels of 1.1316 - 1.1325. The move up has ended with a Shooting Star candlestick pattern, so the first indication of a possible trend change has been issued. Now the traders have to wait for the market to break through the trend line support and the bears will be in control of the market again. The longer-term trend remains down and the market should reverse and follow the main trend soon.

EUR/USD technical analysis for 08.03.2019

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The EUR/USD pair has broken through all of the technical support at the levels of 1.1275, 1.1258, 1.1248, 1.1234, and 1.1214 (all of them will now be considered as technical resistances) and made a new low at the level of 1.1176. The main formation driving the move down was Three Soldiers. Currently, the market conditions are oversold and despite the negative and very weak momentum, there might be some pullback towards the level of 1.1214 and 1.1234.

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.

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