empty
 
 
25.03.2020 02:45 PM
Short-term analysis of EURUSD

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.

This image is no longer relevant

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.

This image is no longer relevant

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.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback