FX.co ★ Technical Analysis of EUR/USD for March 19, 2021

Overview :

• Pivot : 1.1990.
• The EUR/USD pair continues to move downwards from the level of 1.2037. The pair fell from the level of 1.2037 to the bottom around 1.1836. But the pair has rebounded from the bottom of 1.1836 to close at 1.1916. Today, the first support level is seen at 1.1900, the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 1.2037, which coincides with the 50% Fibonacci retracement level. This resistance has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the EUR/USD pair is able to break out the first support at 1.1900, the market will decline further to 1.1836 in order to test the weekly support 2. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 1.2037 with the first target at 1.1900 and further to 1.1836 . Thus, amid the previous events, the price is still moving between the levels of 1.2037 and 1.1836. If the EUR/USD pair fails to break through the support level of 1.1836, the market will decline further to 1.1803 as as the first target. On the contrary, if a breakout takes place at the resistance level of 1.2037, then this scenario may become invalidated.