Technical analysis for EUR/USD for March 7, 2019

EUR/USD remains in a bearish trend above short-term support of 1.13. A daily close below 1.13 will open the way for a move towards 1.12. We remain bearish as long as price is below 1.1430.

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Red line major trend line resistance

Green line - support trend line

EUR/USD remains in a bearish trend as long as price is below the red trend line resistance. The recent rejection at the resistance around 1.14-1.1430 opens the way for a decline towards the green support trend line around 1.12 or lower. Short-term support is at 1.1280 and resistance at 1.1330. Breaking above 1.1330 could push price towards 1.1360 or even better towards 1.14. However this is the least likely scenario. A break below 1.1280 would push price towards 1.1230-1.12.

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

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