Technical analysis of EUR/USD for March 13, 2017

Overview:

• The EUR/USD pair faced resistance at the level of 1.0756, while minor resistance is seen at 1.0700. Support is found at the levels of 1.0621 and 1.0572. Besides, it should be noted that a daily pivot point has already been set at the level of 1.0660. Equally important, the EUR/USD pair is still moving around the key level at 1.0660, which represents a daily pivot in the H4 time frame at the moment. The EUR/USD pair continued moving downwards from the level of 1.0700. The pair fell from the level of 1.0700. In consequence, the EUR/USD pair broke support, which turned into strong resistance at the level of 1.0700. The level of 1.0700 is expected to act as minor resistance today. From this point, we expect the EUR/USD pair to continue moving in the bearish trend from the resistance level of 1.0700 towards the target level of 1.0660 so as to test the double bottom. If the pair succeeds in passing through the level of 1.0660, the market will indicate the bearish opportunity below the level of 1.0660 in order to reach the second target at 1.0621. On the other hand, if a breakout happens at the support level of 1.0756, then this scenario may be invalidated.

The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com