Technical Analysis of EUR/USD for March 11, 2021

Overview - a general review : The EUR/USD pair continues to move upwards from the level of 1.1836. Today, the first support level is currently seen at 1.1836, the price is moving in a bullish channel now. The price has been set above the strong support at the level of 1.1836, which coincides with the last beaish wave - bottom. This support has been rejected three times confirming the veracity of an uptrend. According to the previous events, we expect the EUR/USD pair to trade between 1.1836 and 1.2054. The support stands at 1.1901 (minor support), while daily resistance is found at 1.2003. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.1901. Moreover, the price spot of 1.1836 remains a significant support zone. Therefore, there is a possibility that the EUR/USD pair will move upside and the structure of scaling does not look corrective. In order to indicate the bearish opportunity abovethe level of 1.1836. In other words, buy orders are recommended above the spot of 1.1901 with the first target at the level of 1.2003; and continue towards 1.2054. However, if the EUR/USD pair fails to break through the resistance level of 1.1800 today, the market will decline further to 1.1685.