Intraday technical levels and trading recommendations for EUR/USD for March 11, 2014
March 11, 2014 4:00 pm
Successive ascending bottoms were established on the daily chart. This means the uptrend line established on September 2013 is still intact.
As expected, the ongoing bullish impulse succeeded in hitting price level of 1.3900 on Friday. This level corresponds to 100% Fibonacci Expansion.
According to the fundamental point of view, ECB’s President Mario Draghi stated that the fundamental data indicates a continuous improvement in the economy. This contributed to the recent bullish jump that took place on Friday despite positive employment news for USD. That’s why, Friday’s candlestick ended up with a long upper tail representing bearish rejection at the end of the day.
In the 4H chart, the pair failed to keep its earlier gains after the release of the U.S. employment change which recorded 175,000.
It is worth mentioning that the closure of the pair below 1.3820 level will reduce the probability of pursuing its ongoing strength, but the bears need to close below 1.3730 to end the bullish trend on the short-term prospective.
Bullish momentum needs 4H closure above 1.3888 to remain strong for further bullish targets around 1.3950 initially.
Technically, the price zone of 1.3630-1.3720 which is trapped between 50% and 61.8% Fibonacci levels, remains an important demand zone for the pair.
Stop loss for the bullish scenario is located below 1.3700-1.3720.
The material has been provided by InstaForex Company – www.instaforex.com
Successive ascending bottoms were established on the daily chart. This means the uptrend line established on September 2013 is still intact.
As expected, the ongoing bullish impulse succeeded in hitting price level of 1.3900 on Friday. This level corresponds to 100% Fibonacci Expansion.
According to the fundamental point of view, ECB’s President Mario Draghi stated that the fundamental data indicates a continuous improvement in the economy. This contributed to the recent bullish jump that took place on Friday despite positive employment news for USD. That’s why, Friday’s candlestick ended up with a long upper tail representing bearish rejection at the end of the day.
In the 4H chart, the pair failed to keep its earlier gains after the release of the U.S. employment change which recorded 175,000.
It is worth mentioning that the closure of the pair below 1.3820 level will reduce the probability of pursuing its ongoing strength, but the bears need to close below 1.3730 to end the bullish trend on the short-term prospective.
Bullish momentum needs 4H closure above 1.3888 to remain strong for further bullish targets around 1.3950 initially.
Technically, the price zone of 1.3630-1.3720 which is trapped between 50% and 61.8% Fibonacci levels, remains an important demand zone for the pair.
Stop loss for the bullish scenario is located below 1.3700-1.3720.
The material has been provided by InstaForex Company – www.instaforex.com
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