FX.co - EUR/USD analysis for March 11 2021 - Potential completion of the ABC upside correction and further downside movement

2021-03-11T13:11:06

Relevance until2021-03-12

ECB leaves key rates unchanged in March monetary policy meeting, as expected

Prior decision

ECB reaffirms size of PEPP at €1.85 trillion
PEPP purchase over the next quarter to be significantly faster
ECB to buy flexibly according to market conditions
This is done with a view to prevent tightening of financing conditions
If favourable financing conditions can be maintained moving forward, full PEPP envelope need not be used
PEPP envelope can be recalibrated if required

Further Development

EUR/USD analysis for March 11 2021 - Potential completion of the ABC upside correction and further downside movement

Analyzing the current trading chart of EUR/USD, I found that there is potential for the completion of the ABC upside correction.

Key Levels:

Resistance: 1,1960

Support levels: 1,1875 and 1,1840

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ EUR/USD analysis for March 11 2021 - Potential completion of the ABC upside correction and further downside movement