Technical Analytics Report

EUR/USD: Technical Analysis Report 11 March 2021

EUR/USD: Technical Analysis Report 11 March 2021

Current Trend:

 EUR is trading ambiguously against USD during today’s Asian session, consolidating near 1.1930 and small local highs since March 5, which were achieved due to the corrective growth of the instrument since Tuesday.

 Not the most confident macroeconomic statistics from the US put pressure on USD. In addition, investors are reacting to the downward correction in US bond yields, which, however, are holding close to annual highs. The Consumer Price Index Excluding Food & Energy in the US in February rose by only 0.1% MoM after the zero dynamics in January. Experts expected a growth of 0.2% MoM. In annual terms, the indicator corrected downward from +1.4% YoY to +1.3% YoY.

 Today, European investors are focused on the decision of the European Central Bank (ECB) on interest and deposit rates, as well as a press conference of the European regulator.

 Support And Resistance

 Bollinger Bands in D1 chart demonstrate a stable decrease. The price range is slightly narrowing, reflecting the ambiguous dynamics of trading in the short term. MACD has reversed to growth forming a new buy signal (located above the signal line). Stochastic shows a similar dynamics, quickly retreating from its lows, which recently signaled a strongly oversold EUR in the ultra-short term.

 Resistance levels: 1.1951, 1.2000, 1.2022, 1.2070.

Support levels: 1.1900, 1.1834, 1.1800.

 Trading Tips

 To open long positions, one can rely on the breakout of 1.1951. Take-profit – 1.2070. Stop-loss – 1.1890. Implementation time: 2-3 days.

 A rebound from 1.1951 as from resistance followed by a breakdown of 1.1900 may become a signal for new sales with the target at 1.1800. Stop-loss – 1.1951.

 Scenario

 Timeframe: Intraday

Recommendation: Buy Stop

Entry Point: 1.1955

Take Profit: 1.2070

Stop Loss: 1.1890

Key Levels: 1.1800, 1.1834, 1.1900, 1.1951, 1.2000, 1.2022, 1.2070

 Alternative Scenario

 Timeframe: Intraday

Recommendation: SELL STOP

Entry Point: 1.1895

Take Profit: 1.1800

Stop Loss: 1.1951

Key Levels: 1.1800, 1.1834, 1.1900, 1.1951, 1.2000, 1.2022, 1.2070


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