EUR/USD Forecast March 1, 2017, Technical Analysis

EUR/USD daily chart, March 01, 2017

The EUR/USD pair initially fell on Tuesday, but found enough support underneath to bounce a bit and reach towards the 50-day exponential moving average. I still think that there’s a lot of resistance just above, so on the first signs of the short-term resistance and exhaustion, I’m willing to take a small position to the downside. I believe that the 1.05 level underneath is massively supportive, so it is going to take a lot of work to break down below there. Nonetheless, I have no interest in shorting this market anytime soon.

Written by FX Empire