EURUSD Daily Forecast: March 11

By @ibtimes on

EURUSD Forecast

The EURUSD had a significant bearish momentum yesterday, made a clear break below 1.3860/30 important intraday support and hit 1.3774. The intraday technical bias remains strongly bearish targeting 1.3740/60, which is a key support area but note that the major bullish scenario should remain intact. As you can see on my h4 chart below, we also have a trend line support and 23.6% Fibonacci retracement of 1.2873 – 1.4035, both located around 1.3740/60 and that is why I consider 1.3740/60 as a key and important support level at this phase. A clear break below those technical support area could trigger further bearish pressure testing 1.3590, (38.2% Fibo) even back to 1.3427 (50% Fibo) which could cancel the major bullish outlook. On the upside, immediate resistance at 1.3860 (former support). A clear break above that area would pause the intraday bullish bias probably testing 1.3940, but it’s too early to say that the bearish correction is over until we have a clear above 1.4035.

©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

.

Join the Discussion