FX.co ★ Trading plan for EURUSD for March 15, 2021

Technical outlook:

EURUSD had dropped to fresh lows early last week around 1.1835 before finding support. EURO bulls had then managed to rally over 150/60 pips and reached 1.1980/90 mark before pulling back. The single currency is seen to be trading around 1.1923 levels at this point in writing and is expected to find interim support just below 1.1900 mark before turning higher again.

Immediate resistance is seen at 1.2113, followed by 1.2242 and 1.2350; while intermediary support comes in around 1.1835 levels respectively. EURUSD might push towards 1.2080 handle to complete its corrective rally that has begun from 1.1835 lows. The recent boundary which might be worked upon is between 1.2242 and 1.1835 levels respectively.

The overall wave structure continues to remain bearish since 1.2350 highs in January 2021. Bears are expected to drag prices lower towards 1.1600 at least and also towards 1.1200/300 going forward. Only a break above 1.2350 will change the above bearish structure. Watch out for resistance zone around 1.2050 mark in the near term.

Trading plan:

Remain short with stop @ 1.2350, target @ 1.1600.

Good luck!