FX.co ★ March 4, 2021 : EUR/USD daily technical review and trade recommendations.

The previous episode of upside movement was expressed above the depicted uptrend line (in blue) towards 1.2250 then 1.2350 before it was broken to the downside.

On the other hand, Buying Pressure existed around 1.1950 and 1.1990, resulting in two successive upside movements towards 1.2175 and 1.2250.

Near the price level of 1.2250, Significant SELLING Pressure was found, leading to the current downside movement towards 1.2040.

The price zone of (1.2040 down to 1.1990) corresponds to the previous Weekly Low which provided some temporary buying pressure.

However, this recent short-term upside movement has shown lack of sufficient buying momentum. Hence, upcoming downside movement is highly expected.

Trade Recommendations:

Conservative traders were advised to SELL the EURUSD Pair anywhere around the Resistance Level of (1.2250). It's already running in profits. Stop Loss should be lowered to 1.2120 to secure profits.

Intraday traders can wait for another SELL Entry upon a break to the downside below 1.1990. Initial Target would be located around 1.1870