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EURUSD despite the pull back towards 1.0750 is still challenging the important resistance area of 1.08-1.0830. The Ichimoku cloud indicator has provided us with a weak bullish signal and it is important to see how price reacts over the next few hours at the downward sloping resistance trend line.

Exchange Rates 25.03.2020 analysis

In the 4 hour chart with the Ichimoku cloud indicator we see two important things. The Chikou span (black line indicator) is testing candlestick resistance from below. The tenkan-sen (red line indicator) is crossing the kijun-sen (green line indicator). This could lead to a push higher towards cloud resistance at 1.0930. However it is very important to see the next couple of candlesticks if they will be able to hold above the tenkan- and kijun-sen indicators.

Exchange Rates 25.03.2020 analysis

Red line - important resistance trend line

Green line - support trend line

Yellow area - resistance area

EURUSD is challenging once again the red resistance trend line. The green support trend line should hold. A break above the red trend line would be a bullish sign. So far this resistance is respected and price is below it. The next few hours are important for short-term trend. If resistance is broken, my first short-term target is at 1.0960 and the 38% Fibonacci retracement.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2020
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