EUR/USD analysis for March 07, 2019

EUR/USD has been trading upwards as we expected. The price tested the level of 1.1324.

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As we advised yesterday, the breakout of the 1.1310 did confirm the further rally on EUR/USD. A selling climax in the background followed by sideways movement is a sign that sellers lost power and that support at 1.1290 held successfully. Besides, the bullish divergence on the Stochastic oscillator is present, which is another sign of potential strength. Resistance levels are seen at 1.1338 and 1.1380.

Trading recommendation: We are long EUR from 1.1315 with targets at 1.1338 and 1.1380. Protective stop is placed at 1.1284The material has been provided by InstaForex Company - www.instaforex.com

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