EUR/USD - Technical Analysis and Breakdown 31/03/18
Without further a do,
Price has been consolidating in range between 1.24~1.222 (200 pips give or take) since mid feb after peaking at 1.25500 with a high wick candle in comparison with recent PA indicating a strong rejection of this level.
If we look at the monthly chart, this is just 100 pips short of the 61.8% retracement level of the previous swing low. Box range around this level also seems to be a potential reversal zone looking back through to 2004.
4H
Testing under side resistance area of purple box range soon price will either have to break the blue trendline to the downside or through the purple resistance zone.
Hourly
Red and blue EMAs about to cross and an area of low volume at prices above. RSI has also failed to make a higher high in line with its trend last week. I think we could soon see a break of blue TL and previous lows before moving down to 800 dynamic support zone of 1.20500
Price has been consolidating in range between 1.24~1.222 (200 pips give or take) since mid feb after peaking at 1.25500 with a high wick candle in comparison with recent PA indicating a strong rejection of this level.
If we look at the monthly chart, this is just 100 pips short of the 61.8% retracement level of the previous swing low. Box range around this level also seems to be a potential reversal zone looking back through to 2004.
4H
Testing under side resistance area of purple box range soon price will either have to break the blue trendline to the downside or through the purple resistance zone.
Hourly
Red and blue EMAs about to cross and an area of low volume at prices above. RSI has also failed to make a higher high in line with its trend last week. I think we could soon see a break of blue TL and previous lows before moving down to 800 dynamic support zone of 1.20500