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8 Mar 2019

EUR/USD Technical Analysis: Steadily recovers beyond 1.1200 handle but remains vulnerable, NFP in focus

   •  The pair built on its corrective bounce from 20-month lows and the recovery has been along a short-term trend-channel formation on the intraday charts. 

   •  Given the previous session’s post-ECB slump, the channel constituted towards the formation of a bearish continuation flag pattern on the 1-hourly chart.

   •  Meanwhile, oscillators on hourly/daily charts have recovered from highly oversold conditions but remained in the bearish territory, suggesting more downside.

   •  A convincing break below the trend-channel support, currently near the 1.1200 handle, will reinforce the bearish set-up and trigger a fresh leg of downward momentum.

EUR/USD 1-hourly chart

EUR/USD

Overview:
    Today Last Price: 1.1222
    Today Daily change: 40 pips
    Today Daily change %: 0.36%
    Today Daily Open: 1.1182
Trends:
    Daily SMA20: 1.1323
    Daily SMA50: 1.1382
    Daily SMA100: 1.1378
    Daily SMA200: 1.1501
Levels:
    Previous Daily High: 1.1322
    Previous Daily Low: 1.1176
    Previous Weekly High: 1.1422
    Previous Weekly Low: 1.1328
    Previous Monthly High: 1.1489
    Previous Monthly Low: 1.1234
    Daily Fibonacci 38.2%: 1.1232
    Daily Fibonacci 61.8%: 1.1266
    Daily Pivot Point S1: 1.1131
    Daily Pivot Point S2: 1.1081
    Daily Pivot Point S3: 1.0986
    Daily Pivot Point R1: 1.1277
    Daily Pivot Point R2: 1.1372
    Daily Pivot Point R3: 1.1422

 

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