Forecast for EUR / USD pair on March 1, 2019

EUR / USD pair

On Thursday, the euro grew by more than 50 points, overcoming the technical resistance of 1.1407 but with the release of an optimistic data on US GDP, it returned to the level of the opening of the day. In the 4th quarter, economic growth was 2.6% against 2.2%. At the same time, the business activity index in the manufacturing sector of the Chicago region was 64.7 in February against the forecast of 57.3, which is a good prerequisite for the growth of the federal industrial production index.

The signal line of the Marlin oscillator went into the negative area on the four-hour chart after the divergence has been formed. This is a sign that yesterday's price breakout over 1.1407 was false. It remains to wait for the price reduction under the support range of 1.1340 / 55 and the lower limit which corresponds to the point where the MACD line coincides with the Fibonacci level of 38.2% on the four-hour chart. The upper limit corresponds to the MACD daily scale line. In the future, we are waiting for the price at the target level of 1.1215, which was the low of November 13 last year.

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The material has been provided by InstaForex Company - www.instaforex.com

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