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3/18/2016 4:36:16 AM

EURUSD faces a strong resistance - Technical Analysis - 18-03-2016

EURUSD kept rising in the intraday levels, streaming within an ascending price channel that limited the pair's previous short term movements, with positive support of the SMA50, reaching finally the pivotal resistance of 1.1330, at which the pair recorded its last short-term top as shown in the attached chart, while also touching the ceiling of that ascending price channel, while noting an influx of negative signals from relative power indicators after reaching extremely overbought levels.

Therefore we expect more losses to come for the pair, a tactical fall that is to gain some positive momentum that'd help it breach the resistance of 1.1330, and it could reach with that fall the support of 1.1200 to lean on it.



Trend Bearish