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EUR/USD: Technical Analysis and Trading Recommendations_12/03/2021

EUR/USD: Technical Analysis and Trading Recommendations_12/03/2021

Today's positive statistics from the Eurozone provoked the strengthening of the euro at the beginning of the European session. The EUR / USD pair has broken through the important short-term resistance level 1.1303 (ЕМА200 on the 1-hour chart) and is making an attempt at further growth. Nevertheless, despite the recent gains triggered by a sharp drop in European stock indices, EUR / USD remains in the long-term bear market zone, trading below the key resistance levels 1.1620 (ЕМА200 on the weekly chart), 1.1715 (ЕМА200 on the daily chart), 1.1885 (ЕМА200 on the monthly chart).

EUR/USD: Technical Analysis and Trading Recommendations_12/03/2021

The most likely resumption of the decline in EUR / USD. In view of this, short positions remain preferable, and the current corrective growth provides a good opportunity to enter short positions from the current levels, as well as in case of growth to the important short-term resistance level 1.1422 (ЕМА200 on the 4-hour chart and the upper border of the descending channel on the daily chart).

EUR/USD: Technical Analysis and Trading Recommendations_12/03/2021

The breakdown of the support levels 1.1303, 1.1285 (Fibonacci level 23.6% of the upward correction in the wave of the pair's decline from the level of 1.3870, which began in May 2014, to the level of 1.0500) will be a confirmation signal for the renewal of the EUR / USD downward dynamics.

In an alternative scenario, the upward correction will continue towards the resistance level 1.1475 (ЕМА50 on the daily chart), from which sales are also possible.

EUR/USD: Technical Analysis and Trading Recommendations_12/03/2021

Support levels: 1.1303, 1.1285, 1.1200, 1.1170

Resistance levels: 1.1422, 1.1475, 1.1620, 1.1675, 1.1700, 1.1715, 1.1780

Trading Recommendations

Sell Stop 1.1280. Stop-Loss 1.1390. Sell ​​Limit 1.1410, 1.1470. Stop-Loss 1.1520. Take-Profit 1.1230, 1.1200, 1.1170, 1.1100, 1.1000

Buy Stop 1.1390, 1.1430. Stop-Loss 1.1280. Take-Profit 1.1470, 1.1500, 1.1620, 1.1670, 1.1700

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