Pair EURUSD continues its withdrawal from Friday after encountering resistance at 1.11870. The euro quickly retreated below 1.11000 and the MA200 moving average. During the Asian session, we consolidated around 1.10500, and as the European session began, the euro continued to weaken and made a break below 1.10500. Today's low was at 1.10200. From the bottom, we will soon come across a March line of support, and if the euro stays above, we can expect a new recovery. We need a break below the support line and 1.10000 support levels for the bearish option. We are looking for the next support zone at 1.090000, and if it does not last, our next support is at 1.08000 in March, a lower low. For the bullish option, we need a new positive consolidation from which a new bullish impulse will emerge. We need a jump above 1.110000 and MA200 for a more specific bullish sign on the chart. Our first target is the previous high at 1.11870, and we need EURUSD to form a new higher high above 1.12000 in order to form a positive shift for the bullish option. Our next target is the 1.13000 level, the consolidation zone from February. Our February maximum was at 1.15000, where the previous pullback started.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.