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3/11/2016 4:15:14 AM

EURUSD surges - Technical Analysis - 11-03-2016



EURUSD soared after ECB president Mario Draghi ruled out any more interest rate cuts in the Eurozone, with the pair dipping initially as we technically expected and after the rate cuts by the ECB, before surging back above the support of 1.1099, representing the ratio 50% of Fibonacci retracement levels for a descending wave in the short term (from 1.1375 to 1.0821), with an influx of positive signals from relative power indicators.

Therefore we expect more gains to come for the pair, as long as the support of 1.1099 holds on, targeting the resistance of 1.1245, representing the ratio 76.4% of the same retracement levels.


Target
Risk


Support
Resistance


Trend Bullish

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