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.

Technical analysis Forex of EUR/USD for 28.02.2019

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EURUSD: sitting on the trend line

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On Wednesday the 27th of February, trading on the euro closed down. The bulls couldn’t make it past the sell wall at 1.1403. The euro slumped to 1.1362 against the dollar. The trend line and balance line both provided support. The drop was brought about by a sharp rise in US10Y bond yields from 2.631% to 2.6987%.

Forex EUR/USD technical analysis for 28.02.2019

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The EUR/USD pair has almost made it to the 61% Fibo retracement, but then the Bearish Engulfing candlestick pattern occurred and the market is starting to move lower. The technical support at the level of 1.1362 has been hit and the battle for the orange trend line is still continuing. In a case of another wave down, the next technical support is seen at the level of 1.1350 and then at 1.1324.

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