AvaTrade - Analytics

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    EUR/USD- Technicals are pointing for an upward move

    The EUR/USD pair has formed a symmetrical triangle pattern on a 4 hour time frame. However, this pattern is not an absolute pattern because if we draw another line towards the lows formed within this triangle, it ill show us that the bias is building more towards the upside. Moreover, the price is trading above the 50 day and 100 day moving average, and this translates more power for the bulls. Having said that, we still need the price to break the minor resistance level which is mentioned below.

    The RSI is trading in line with the price action which means that the upward momentum is slowing down however, we do have conflicting signal from the MACD indicator and this shows that the bulls are still aggressive.

    EURUSD 25-03-2015

    Important Levels

    Resistance Levels

    1.1113-1.1080 Minor

    1.1245-1.1211 Major

    Support Zone

    1.1077-10751 Minor

    1.0492-1.0463 major


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