Technical analysis for EUR/USD for March 8, 2019

EUR/USD has broken support and reached our 1.12 target as expected. In our previous posts we noted that we remain bearish as the most probable scenario would be the move towards 1.12 once 1.13 failed to hold.

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Red line - resistance

Green line - support

EUR/USD has broken through 1.1280 support yesterday and has reached our short-term target at the green trend line support at 1.12. We could see some profit taking from bears today and a bounce towards 1.1230-1.1250 could be seen. Trend remains bearish and EUR/USD is vulnerable to a move towards 1.11. In shorter time frames, the RSI is oversold but has not shown any divergence sign. The medium-term bearish trend remains valid as long as we trade below the red trend line resistance.

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