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3/21/2016 3:33:52 AM

EURUSD dips on profit-taking - Technical Analysis - 21-03-2016

EURUSD fell in the intraday levels as traders booked profits of the pair's past short-term rises, while it settled above the support of 1.1250, representing the ratio 61.8% of Fibonacci retracement levels for a descending wave in the long term (from 1.1713 to 1.0500), while also seeking to gain positive momentum to help it rise again with the overall dominance of the upward short-term trend, and the ongoing positive pressure from the SMA for the last 50 days period, while noting relative power indicators have reached extremely overbought levels.

Therefore we expect more correctional decline for the pair in the coming trading, especially if it broke through the support of 1.1250, targeting thereafter the support of 1.1106, representing the ratio 50% of the same retracement levels mentioned earlier.



Trend Bearish