EUR/USD: Technical Analysis and Trading Recommendations_09/03/2021
At the end of last month, the EUR / USD pair attempted to break through resistance levels
1.1803 (ЕМА200 on the 4-hour chart), 1.1809 (ЕМА200 on the 1-hour chart), 1.1830 (ЕМА50 and the upper line of the descending channel on the daily chart).
In early September, their breakout finally took place, and the EUR / USD pair came close to the key resistance level 1.1885 (ЕМА200 on the daily chart).
At the beginning of today's European session, EUR / USD is traded near the 1.1870 level, and in general, the positive dynamics of the EUR / USD remains, due to the weakness of the dollar. In case of breakdown of the resistance levels 1.1885, 1.1900 (ЕМА144 on the daily chart), we can expect further growth towards the key resistance level 1.2065 (ЕМА200 on the monthly chart).
Its breakdown will return EUR / USD to the bull market zone with the prospect of its further growth to the resistance levels 1.2180 (Fibonacci level of 50% of the upward correction in the wave of the pair's decline from the level of 1.3870, which began in May 2014, and the highs of 2018), 1.2260, 1.2340, 1.2450, 1.2500, 1.2580 (61.8% Fibonacci level), 1.2600.
In an alternative scenario and after the breakdown of the support levels 1.1830, 1.1803 EUR / USD will go deep into the descending channel on the daily chart, and the breakout of the support level 1.1780 (Fibonacci level 38.2%) will signal the resumption of the downward dynamics in EUR / USD.
Break of the long-term support level 1.1625 (ЕМА200 on the weekly chart) will finally return the pair to the long-term bear market zone.
Support levels: 1.1830, 1.1809, 1.1803, 1.1780, 1.1710, 1.1665, 1.1625
Resistance levels: 1.1885, 1.1900, 1.1950, 1.2065, 1.2180, 1.2260, 1.2340, 1.2450, 1.2580, 1.2600
Sell Stop 1.1855. Stop-Loss 1.1905. Take-Profit 1.1830, 1.1809, 1.1803, 1.1780, 1.1710, 1.1665, 1.1625
Buy Stop 1.1905. Stop-Loss 1.1885. Take-Profit 1.1950, 1.2065, 1.2180, 1.2260, 1.2340, 1.2450, 1.2580, 1.2600