Technical analysis of EUR/USD for March 20, 2017

Overview:

• As seen on the four-hour chart, the EUR/USD pair is moving with a bullish bias from the support levels of 1.0700 and 1.0660. Currently, the price is in a bullish channel. The RSI indicator confirms it, signaling that we are still in a bullish trending market. As the price is above the moving average (100), the immediate support is seen at 1.0700, which coincides with a golden ratio (61.8% of Fibonacci). Consequently, the first support is set at the level of 1.0700. The market is likely to show signs of a bullish trend around the spot of 1.0700. Therefore, buy orders are recommended above the golden ratio (1.0700) with the first target at 1.0788. Furthermore, if the trend is able to break through the first resistance level of 1.0788, we will see the pair climbing towards the double top (1.0828) to test it. Don’t forget to place a stop loss: it should be set below the second support of 1.0660.

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